The Income Tax Department has enabled taxpayers to view Foreign Asset information received under CRS and FATCA through their Annual Information Statement (AIS) on the e-Filing portal. This can include information relating to foreign financial accounts and other overseas assets reported to India through international information-exchange arrangements. Taxpayers having overseas financial interests should therefore review the information appearing in their AIS before filing their Income Tax Return. Income Tax India

Why Is This Important for Taxpayers?

Resident taxpayers who are required to disclose foreign assets or foreign income should carefully reconcile the information available in AIS with their own records before filing the return. Any mismatch or omission in foreign bank accounts, investments, financial assets or related foreign income may lead to questions from the Income Tax Department. This is particularly relevant for individuals who have worked abroad, invested overseas or hold financial accounts outside India.

Early reconciliation can help ensure that the appropriate foreign-asset and foreign-income disclosures are correctly considered while preparing the ITR.

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