The Central Board of Direct Taxes (CBDT) has enabled eligible taxpayers to view information relating to their foreign assets and income received under the Automatic Exchange of Information (AEOI) framework through the Annual Information Statement (AIS) on the Income Tax e-Filing portal.
The following has been stated:
The initiative aims to enhance taxpayer services, promote voluntary compliance, and assist taxpayers in accurately reporting foreign assets and foreign-source income in Schedule FA and Schedule FSI of their Income-tax Returns. Currently, information pertaining to Calendar Years 2022, 2023, and 2024 has been made available, while data for CY 2025 will be displayed after it is received in September/October 2026. CBDT has clarified that the information available in AIS is not exhaustive and does not replace the taxpayer's obligation to fully disclose all foreign assets and income. The initiative is purely facilitative and not intended for scrutiny or investigation. Additionally, taxpayers will receive SMS and email alerts regarding this feature, and may also use 'Kar Saathi', the AI-powered virtual assistant on the e-Filing portal, for guidance on tax return filing and reporting of foreign assets and income.
[F.No. 414(B)21/2023-T(Inv.VI)/64]
