Foreign Assets in AIS: Did You Miss Disclosing Them?

The Income Tax department now shows your foreign assets and income directly in AIS for 2022–2024. If you forgot to declare these in past ITRs, here's exactly how to fix it before it becomes a legal problem.

Here's what happened: The Annual Information Statement (AIS) on the IT e-filing portal now displays foreign assets and income data for assessment years 2022 to 2024.. India receives this data through automatic exchange agreements with 100+ countries — the tax department already knows about your overseas accounts.. Taxpayers who missed declaring foreign assets in Schedule FA of past ITRs are now at risk of scrutiny, heavy penalties, or prosecution under Black Money Act..

What you should do: Log in to incometax.gov.in, open AIS under 'Services', and check the Foreign Assets section for any overseas accounts, property, or income listed.. If you missed declaring foreign assets in ITR for FY2022–24, file an updated return (ITR-U) immediately — it is allowed up to 2 years from the relevant assessment year.. Consult a CA experienced in FEMA and Black Money Act compliance before filing ITR-U, as penalties differ from regular income tax defaults and errors can worsen your case..

Under the Black Money (Undisclosed Foreign Income and Assets) Act, even a small undisclosed foreign account can attract a flat 30% tax plus 90% penalty on the asset value — not just the income. Disclose proactively before the department notices.