In a move to improve taxpayer services and encourage tax compliance, the Central Board of Direct Taxes (CBDT) has introduced a feature to showcase details about foreign assets and income in the Annual Information Statement (AIS) on the Income Tax e-Filing portal. This initiative aims to assist taxpayers in meeting their compliance responsibilities without triggering investigations.
Under this initiative, information on foreign financial accounts, investments, and income received through international agreements is shared with India from over 100 partner jurisdictions. The data for calendar years 2022, 2023, and 2024 is currently available in the AIS, with information for 2025 expected to be added in September or October 2026.
Taxpayers are advised to accurately report all foreign assets and income in their tax returns, even if not reflected in the AIS, by using Schedule FA and Schedule FSI. By accessing their AIS through the e-Filing portal, taxpayers can conveniently review and report their foreign assets and income, ensuring compliance with tax regulations.
To view their foreign assets information, taxpayers can log in to their e-Filing account, navigate to “AIS,” and access the ‘Compliance Portal’ to download the relevant data for the selected calendar year. This initiative is solely aimed at aiding taxpayers in fulfilling their tax obligations accurately and transparently, rather than as a means of investigation.
