Information about foreign assets has gone live on the Income Tax Portal.
Now information related to foreign assets and income of taxpayers will also be visible in the Annual Information Statement (AIS) of the Income Tax Department, which is available under the ‘Automatic Exchange of Information’ (AEOI) system. Official sources said that at present the information received related to calendar years 2022, 2023 and 2024 has been displayed in AIS.
Information related to the year 2025 will be added to the AIS after it is received in September or October 2026. India receives financial information on its tax residents from more than 100 partner jurisdictions under various international agreements and arrangements.
This may include information relating to foreign bank accounts, custodial accounts, certain financial investments, interest, dividends and other specified income. Till now, taxpayers could view household financial information related to their PAN through AIS on the e-filing portal of the Income Tax Department. In this way, information related to interest income, dividends, security transactions, mutual fund investments and property deals is available at one place.
Taxpayers will get a lot of facilities
Sources said that the purpose of displaying information received about foreign assets and income under the AEOI framework in AIS is to facilitate compliance of eligible taxpayers, and not to investigate them. He also clarified that the foreign information shown in the AIS is only as much as the department has received from partner countries and is not the complete details of the taxpayer’s foreign assets or income. In such a situation, it is necessary for the taxpayers to give correct and complete details of all foreign assets and foreign source income under Schedule FA and FSI in their income tax return, whether reflected in AIS or not.
How to get information from the portal
Sources said that this information available in AIS will be available only to the concerned taxpayers through its secure login. Along with this, SMS and e-mails are also being sent to taxpayers to inform them about this facility and to correctly mention foreign assets and income while filing Income Tax Return (ITR) for the assessment year 2026-27. Government sources said the initiative is meant to give taxpayers access to information available under the international information exchange framework and ensure accurate compliance, and not as a means of investigation or scrutiny.
