Foreign Assets in Your AIS? 3 Steps to Stay Safe
The Annual Information Statement now shows foreign assets and income from 2022 to 2024. This is a compliance check — not a prompt to refile old returns. Here is what you should do to stay safe.
Missing a foreign asset in your ITR can cost more than 3 years of a ₹50K salary — in penalties alone.
Your undisclosed foreign assets could attract penalties beyond this amount
Key Takeaways
Log in to the AIS portal on incometax.gov.in and cross-check all foreign asset entries against your previously filed ITR schedules (FA and FSI).
If you spot an undisclosed foreign asset from 2022-24, consult a tax advisor immediately — voluntary disclosure before a notice is always treated more leniently.
Do NOT report CY2022-24 foreign income again in your FY2025-26 ITR — only include income and assets that belong to the current assessment year.
The Annual Information Statement now shows foreign assets and income from 2022 to 2024. This is a compliance check — not a prompt to refile old returns. Here is what you should do to stay safe.
Here's what happened: The AIS portal now displays foreign assets and income data for calendar years 2022, 2023, and 2024 sourced from global tax exchange treaties.. This information reflects past years and is meant to help taxpayers verify they correctly disclosed foreign holdings in earlier ITR filings.. Taxpayers should NOT re-report this historical data in the current year's ITR — doing so could create duplicate entries and tax notices..
What you should do: Log in to the AIS portal on incometax.gov.in and cross-check all foreign asset entries against your previously filed ITR schedules (FA and FSI).. If you spot an undisclosed foreign asset from 2022-24, consult a tax advisor immediately — voluntary disclosure before a notice is always treated more leniently.. Do NOT report CY2022-24 foreign income again in your FY2025-26 ITR — only include income and assets that belong to the current assessment year..
Under the Black Money Act, penalties for concealed foreign assets start at ₹10 lakh per asset — even innocent omissions can attract scrutiny if AIS data contradicts your filed ITR.
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- [1]“Foreign assets from past years in AIS? Don't panic, use them as a compliance check.” mint - money · 22 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.