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The Central Board of Direct Taxes (CBDT) has introduced a new facility allowing taxpayers to view information about their foreign assets and income directly through the Annual Information Statement (AIS) on the Income Tax e-Filing portal, in a move aimed at making compliance easier rather than triggering scrutiny.
Sources in the Central Board of Direct Taxes (CBDT) told ANI that the data comes from more than 100 partner countries that share financial account details with India each year under international information-exchange agreements. This can include foreign bank accounts, custodial holdings, investments, and related income such as interest and dividends. Currently, the AIS reflects data for calendar years 2022 to 2024, with 2025 figures expected by September or October 2026, once received from partner nations. CBDT sources stressed that the AIS listing is not a complete record of a taxpayer's overseas holdings, and individuals remain responsible for fully and accurately declaring all foreign assets and income in Schedule FA and Schedule FSI of their tax returns, regardless of what appears in the AIS. To access the information, taxpayers can log into their e-Filing account, go to the AIS section, navigate to the Compliance Portal's "Reports" tab, select "Foreign Assets Information," and download a PDF for the relevant year. The data is visible only to the account holder through their own secure login. CBDT sources said SMS and email alerts are being sent to taxpayers reminding them to report foreign assets correctly while filing returns for Assessment Year 2026-27. The department is also promoting "Kar Saathi," an AI-based assistant on the e-Filing portal, to help taxpayers choose the right return form and navigate foreign asset reporting. The initiative is part of the CBDT's broader push toward technology-driven, non-intrusive taxpayer services intended to reduce filing errors and improve transparency. (ANI)
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