New Delhi, Jul 16 (PTI) The annual information statement (AIS) of the income tax department will now show information about foreign assets and income of an assessee as per details received under the Automatic Exchange of Information (AEOI), government sources said on Thursday.

As of now, information, as received, pertaining to calendar years 2022, 2023 and 2024 has been displayed in the AIS, according to sources. Information for 2025 will be displayed in the AIS once it is received in the month of September or October 2026, they said.

India receives financial information relating to its tax residents from over 100 partner jurisdictions under the various international agreements and mechanisms for the exchange of financial account information. Such information may include details relating to foreign bank accounts, custodial accounts, certain financial investments, interest, dividends and other specified financial income, as reported by the partner jurisdictions under internationally accepted standards of information exchange.

So far, taxpayers could view important domestic financial information linked to their PAN under the AIS tab on the I-T department's e-filing portal. Information relating to interest income, dividends, securities transactions, mutual fund investments, property transactions, and other specified financial transactions is available in one place.

Sources said the display of information relating to foreign assets and income, received under the AEOI framework, in the AIS of eligible taxpayers would "facilitate, and not investigate," taxpayers in meeting their compliance obligations.

Sources also flagged that the foreign assets and income information reflected in AIS represents only such information as has been received by the I-T Department from partner jurisdictions under the aforesaid arrangements, and does not constitute a complete or exhaustive record of a taxpayer's foreign assets and income.

“Taxpayers are, therefore, required to correctly and completely report all foreign assets and foreign source income in Schedule FA and Schedule FSI of their Income-tax Return, irrespective of whether such assets or income are reflected in AIS,” they added.

The information displayed in the AIS would be “exclusively accessible” to the concerned taxpayer through his or her secure login credentials on the e-filing portal, sources said, adding SMS and e-mails are being issued to taxpayers informing them about the availability of this feature and reminding them to appropriately report foreign assets and foreign income, wherever applicable, while filing their Income-tax Returns for Assessment Year 2026-27.

“The initiative has been designed solely to facilitate taxpayers by providing them access to information available to the Department under international exchange mechanisms, thereby enabling informed and accurate tax compliance and not as a tool for scrutiny or investigation,” government sources said. PTI JD SHM

Foreign asset reporting requires complete Schedule FA and Schedule FSI disclosures despite limited information displayed in the Annual Information Statement. Annual Information Statement records for eligible taxpayers include foreign assets and foreign-source income information received through the Automatic Exchange of Information framework. The information is intended to facilitate accurate tax compliance and is not a scrutiny or investigation mechanism. As the displayed data is limited to information received from partner jurisdictions and is not exhaustive, taxpayers must correctly and completely disclose all foreign assets and foreign-source income in Schedule FA and Schedule FSI, whether or not such information appears in the Annual Information Statement.