CBDT Expands AIS with Online Foreign Asset Information for Taxpayers

CBDT has enabled taxpayers to view foreign asset and foreign income information received under the AEOI framework in the Annual Information Statement (AIS). Check eligibility, reporting requirements, and how to access the information online.

In a major taxpayer-friendly initiative aimed at improving voluntary tax compliance and simplifying foreign asset reporting, the Central Board of Direct Taxes (CBDT) has enabled eligible taxpayers to view information relating to their foreign assets and foreign-source income in the Annual Information Statement (AIS) available on the Income Tax e-Filing portal.

The information is received by the Income Tax Department under the Automatic Exchange of Information (AEOI) framework through various international agreements signed by India for the exchange of financial account information. According to the CBDT, this initiative has been introduced solely to assist taxpayers in accurately reporting their foreign assets and income while filing their Income-tax Returns (ITRs), and should not be viewed as a scrutiny or investigation mechanism.

India currently receives financial information from more than 100 partner jurisdictions under internationally accepted standards for the exchange of financial information. The data shared by these jurisdictions may include details of foreign bank accounts, custodial accounts, specified financial investments, interest income, dividend income, and other reportable financial assets held by Indian tax residents abroad.

At present, information relating to Calendar Years (CY) 2022, 2023 and 2024 has been made available in the AIS. Information for Calendar Year 2025 will be displayed after it is received from partner jurisdictions, which is expected during September or October 2026.

CBDT has clarified that the information available in AIS represents only the data received under the international exchange framework and does not constitute a complete record of a taxpayer's foreign assets or foreign income. Taxpayers are therefore required to disclose all reportable foreign assets and foreign-source income in Schedule FA (Foreign Assets) and Schedule FSI (Foreign Source Income) of their Income-tax Return, irrespective of whether such information appears in the AIS.

How Taxpayers Can View Foreign Asset Information

Eligible taxpayers can access the information by logging into the Income Tax e-Filing Portal, opening the Annual Information Statement (AIS), navigating to the Compliance Portal, selecting Reports, and then choosing Foreign Assets Information. After selecting the relevant calendar year, taxpayers can download the information in PDF format for reference while preparing their Income-tax Return.

To increase awareness, the Income Tax Department is also sending SMS and e-mail communications informing eligible taxpayers about the availability of this facility and reminding them to correctly report foreign assets and foreign income while filing their ITRs for Assessment Year 2026-27.

Taxpayers may also seek assistance through 'Kar Saathi', the AI-powered virtual assistant available on the Income Tax e-Filing portal, for guidance on selecting the appropriate ITR form, reporting foreign assets and income, and resolving other tax-related queries.

CBDT believes that providing taxpayers with timely access to information already available with the Department will help reduce reporting errors, improve the accuracy of Income-tax Returns, strengthen voluntary compliance, and promote greater transparency in the tax administration system. CA Sansaar