AIS shows foreign assets; use for compliance check

AIS now displays foreign financial assets and income for CY2022-24, but this data is not meant to be re-reported in current tax returns.

Taxpayers should use the AIS data as a reconciliation tool to verify whether foreign assets and related income were correctly disclosed in earlier ITRs.

If assets were already reported correctly in prior years, do not report them again; however, any assets held in CY2025 must be disclosed in Schedule FA of AY2026-27.

For previously unreported foreign assets or income, taxpayers may file a revised return (ITR-U) up to 4 years from the relevant assessment year, with additional taxes and penalties.

Filing an ITR-U is preferable to penalties under the Black Money Act, which includes a 30% tax and ₹10 lakh penalty per year for non-disclosure.