Foreign Bank Accounts and Investments Now Pre-Verified in AIS

The Income Tax Department has introduced a taxpayer facilitation measure under which details of foreign bank accounts and overseas investments may be displayed in the Annual Information Statement (AIS). According to the department, financial information received from more than 100 countries is being used to help taxpayers review and verify their foreign assets before filing their Income Tax Returns (ITRs). The facility is intended to improve the accuracy of foreign-asset disclosures, reduce reporting errors and support smoother tax compliance. Taxpayers whose overseas financial information appears in AIS should carefully verify the details and report applicable foreign assets and income correctly in their ITR. CA Sansaar