Foreign asset details for 2022-24 now available under AIS: What to do if you missed disclosing them in previous ITRs?

Taxpayers will now be able to access information about their foreign assets and income directly through the Annual Information Statement (AIS) on the income tax e-filing portal, making compliance easier.

Currently, the AIS displays foreign asset and income details for calendar years 2022-2024. Meanwhile, data for 2025 is expected to be added by September or October 2026, once received from partner nations, according to media reports.

The Indian government receives financial account information relating to resident taxpayers from several foreign jurisdictions under international information exchange agreements. Until now, this information was not available for taxpayers to view through the AIS compliance portal.

How to access foreign asset info in AIS?

To access the information, taxpayers can follow the given steps:

Step 1: Log in to your income tax e-filing account.

Step 2: Navigate to the AIS section and then click on the "Reports" tab.

Step 3: Select "Foreign Assets Information."

Step 4: Choose the relevant calendar year (2022, 2023, or 2024).

Step 5: Download the PDF containing the foreign asset and income details.

The information is accessible only to the account holder and protected by a secured password. The income tax e-filing portal also guides you on how to unlock the document, making it easier for taxpayers to access their data.

What to do if AIS does not show updated FA data?

In case, your AIS isn't reflecting the updated foreign asset data, resident taxpayers are still required to accurately disclose their overseas investments under Schedule FA and foreign income under Schedule FSI while filing their income tax returns (ITRs).

Relying solely on the AIS is not sufficient, as taxpayers remain responsible for reporting all foreign assets and income correctly. Failure to do so could result in tax notices or penalties in the future.

Schedule FSI (Foreign Source Income) is meant for reporting income earned from sources outside India, including foreign salary, interest, dividends, capital gains or professional income. Since the due date for filing ITR for AY 2026-27 is still some time away, resident taxpayers have an opportunity to review their foreign asset and income details and ensure they are disclosed properly.

Which form to file?

Taxpayers with foreign assets are not eligible to file ITR-1 (Sahaj), even if they otherwise meet the income criteria. In such cases, ITR-2 can be filed if you do not have income from business and profession.

Meanwhile, SMS and email alerts are being sent to taxpayers reminding them to report foreign assets correctly while filing returns for Assessment Year 2026-27, ANI reported earlier, citing CBDT sources.

The Central Board of Direct Taxes is also promoting "Kar Saathi," an AI-based assistant on the e-Filing portal, to help taxpayers choose the right return form and navigate foreign asset reporting.

What to do if you failed to disclose FA in previous ITRs?

If you failed to disclose foreign assets in your ITR during previous calendar years, you can still rectify the omission by filing an an updated return (ITR-U). Taxpayers are granted a window of four years (48 months) from the end of the relevant assessment year to file an ITR-U. This allows individuals to patch up discrepancies across the preceding four assessment years.

In Part A of ITR-U, taxpayers are required to provide additional information explaining the reason for filing the updated return. Part B is used to compute the updated income and the additional tax payable. Taxpayers should report only the additional income being disclosed under the relevant head of income, rather than restating the entire income already reported in the original return.