Foreign Assets in ITR: Are You Filing It Right?
India's tax department now shows your foreign bank accounts and assets directly in AIS and Form 26AS. If you have any overseas income or investments, you must declare them in your ITR or risk serious penalties.
Hiding a foreign FD worth ₹10L can cost you ₹10L in penalty — same as the asset itself!
Your foreign assets above this must be declared in ITR or face heavy penalties
Key Takeaways
Log in to incometax.gov.in, open your AIS and Form 26AS, and check if any foreign asset or income entry appears before filing your ITR.
If you hold foreign bank accounts, stocks, mutual funds, or property — fill Schedule FA (Foreign Assets) and Schedule FSI (Foreign Income) in your ITR honestly.
If you find a mismatch or incorrect foreign entry in AIS, raise a feedback/dispute on the portal before submitting your return to avoid a tax notice.
India's tax department now shows your foreign bank accounts and assets directly in AIS and Form 26AS. If you have any overseas income or investments, you must declare them in your ITR or risk serious penalties.
Here's what happened: CBDT has started reflecting foreign financial assets and income in taxpayers' Annual Information Statement (AIS) and Form 26AS before ITR filing.. This data comes through international tax treaties and automatic exchange of information agreements India has with 100+ countries.. Taxpayers can now reconcile their overseas bank accounts, foreign shares, or property data against what the tax department already knows..
What you should do: Log in to incometax.gov.in, open your AIS and Form 26AS, and check if any foreign asset or income entry appears before filing your ITR.. If you hold foreign bank accounts, stocks, mutual funds, or property — fill Schedule FA (Foreign Assets) and Schedule FSI (Foreign Income) in your ITR honestly.. If you find a mismatch or incorrect foreign entry in AIS, raise a feedback/dispute on the portal before submitting your return to avoid a tax notice..
Under the Black Money Act, failing to disclose a foreign asset — even a dormant NRE-linked account abroad — can attract a flat ₹10 lakh penalty per asset, plus 120% tax on undisclosed value.
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- [1]“Foreign assets in ITR: Income Tax Department's new AIS, Form 26AS rule explained” Personal Finance News in CNBCTV18, Personal Finance Latest News, Personal Finance News · 10 Jul 2026
This article is reported by GoCredit's Editorial Team based on the source above. GoCredit synthesises, contextualises, and adds India-borrower-relevant analysis. We are not the original publisher.