The Central Board of Direct Taxes (CBDT) has introduced a major update to the Income Tax e-filing portal.
Eligible taxpayers can now view details of their foreign assets and overseas income in their Annual Information Statement (AIS).
The move is aimed at making tax filing easier and encouraging taxpayers to report their foreign income correctly.
Earlier, this information was available only with the Income Tax Department.
What Information Will Be Visible?
The CBDT is displaying information received through the Automatic Exchange of Information (AEOI) framework.
Under this system, India receives financial information about its resident taxpayers from more than 100 partner countries under international agreements.
The information may include:
Foreign bank account details
Custodial accounts
Certain financial investments
Interest earned
Dividend income
Other specified foreign financial income
This data is shared with India by partner countries under globally accepted information-sharing standards.
Which Years’ Data Is Available?
At present, taxpayers can view information related to:
2022
2023
2024
The CBDT has said that 2025 data will be added to the AIS once it is received, likely during September or October this year.
The Income Tax Department usually starts receiving AEOI data for the previous calendar year from September onwards.
Why Has CBDT Made This Change?
According to government sources, the initiative is meant to help taxpayers, not to investigate them.
By allowing taxpayers to see the same foreign financial information available with the tax department, the government hopes to:
Reduce unintentional mistakes while filing Income Tax Returns (ITRs).
Improve the accuracy of tax returns.
Make tax compliance simpler and more transparent.
Encourage voluntary compliance with tax rules.
Taxpayers can compare the information shown in their AIS with their own records and correct any errors before filing their returns.
What This Means for Taxpayers
If you have foreign bank accounts, overseas investments, or earn income from abroad, it is important to review the information available in your Annual Information Statement.
Checking these details before filing your Income Tax Return can help avoid reporting mistakes and ensure that your return matches the information available with the Income Tax Department.
The new feature is expected to make the tax filing process more transparent while helping taxpayers stay compliant with Indian tax laws.
