Now Reading: CBDT adds foreign asset disclosure to AIS for ITR filers
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CBDT adds foreign asset disclosure to AIS for ITR filers
The Central Board of Direct Taxes has enabled taxpayers to view foreign asset information in the Annual Information Statement on the income-tax e-Filing portal. The data, received from over 100 jurisdictions under…
The Story in Brief
The Central Board of Direct Taxes has enabled taxpayers to view foreign asset information in the Annual Information Statement on the income-tax e-Filing portal. The data, received from over 100 jurisdictions under the Automatic Exchange of Information framework, includes bank accounts, custodial accounts, and foreign income. CBDT has clarified that the AIS display is only for facilitation and does not relieve taxpayers from reporting all foreign assets and income under the Income-tax Act.
Taxpayers can access the information under the 'Foreign Assets Information' section in the AIS 'Reports' tab. Data for calendar years 2022 to 2024 will be uploaded within 90 days of the CBDT order. The tax department warns that non-disclosure may invite penalties up to Rs 10 lakh under the Black Money Act, besides prosecution in serious cases. Taxpayers are advised to rely on their own records while filing returns.
The Indian Opinion
The CBDT’s AIS update is sold as a transparency tool, but the real story is the growing tax net. Indian taxpayers with overseas accounts now face an implied warning: the department can see what you hide. The Black Money Act penalties, up to Rs 10 lakh, are just the start; prosecution looms for serious evasion. Yet the government must ensure the data displayed is accurate, or risk penalising honest citizens for foreign jurisdiction errors. The test will be how many taxpayers voluntarily reconcile their records before the 2025-26 ITR deadline, not just wait for an SMS alert.
Source: businesstoday.in
This story was synthesised by AI from the source linked above.
