Foreign Assets, Income Details Now In AIS: What Taxpayers Should Check Before Filing ITR

• CBDT now shows certain foreign asset and income details in AIS

• Information for calendar years 2022, 2023 and 2024 is available

• Taxpayers should still independently report overseas assets and foreign income correctly

• AIS data can help identify omissions before filing income tax returns

Taxpayers who have financial assets or income outside India can now see some of that information in their Annual Information Statement (AIS).

The Central Board of Direct Taxes (CBDT) has started making foreign asset and income information, received by the Income Tax Department from overseas jurisdictions, available to taxpayers through the AIS.

The information can help taxpayers cross-check what the tax department already knows about their overseas financial interests before they file their income tax returns (ITRs).

India receives financial information from more than 100 countries and jurisdictions under international information-sharing arrangements. Depending on the information reported overseas, the data may relate to foreign bank accounts, investments, custodial accounts, interest, dividends and other financial income.

What Taxpayers Can See In AIS

Foreign asset information received from other jurisdictions was earlier largely available with the tax authorities. Taxpayers can now view the relevant details themselves through their income tax e-filing accounts.

Information for calendar years 2022, 2023 and 2024 has been made available. Details for calendar year 2025 are expected to be added after the information is received and processed by the department, according to a recent report by The Hindu.

Taxpayers can check the records through the AIS section of the income tax portal and view the foreign asset information available against their Permanent Account Number (PAN).

The details shown in AIS, however, should not be treated as a complete record of everything a taxpayer owns abroad. The information available with the department depends on what foreign financial institutions report and what is subsequently shared with India.

This means an overseas account or investment cannot be ignored simply because it does not appear in AIS.

Foreign Assets Still Need To Be Reported Correctly

Taxpayers remain responsible for reporting foreign assets and income wherever required under the income tax rules.

Resident taxpayers who are required to disclose overseas assets may have to provide details in Schedule FA of the ITR. Foreign income may also need to be reported in Schedule FSI and other applicable parts of the return, depending on the nature of the income and the person’s residential status.

Anyone with overseas holdings should compare the AIS information with bank statements, brokerage statements, investment records and documents relating to foreign income before filing the return.

A mismatch does not necessarily mean that the taxpayer has done something wrong. The figure reported by a foreign institution may relate to a different reporting period, account balance or type of income. Such differences should, however, be checked carefully.

Why The New Facility Matters

The change gives taxpayers a chance to spot omissions before filing their returns.

It could be particularly useful for people who have worked abroad, maintained foreign bank accounts, invested in overseas shares or funds, or received interest and dividends from outside India.

Checking the information in advance can also help taxpayers avoid accidentally leaving out a reportable foreign asset or income item that is already visible to the tax department.