Income Tax Alert: Government monitoring foreign-sourced income; full details now visible in AIS

CBDT Update: The CBDT has launched a new feature on the income tax e-filing portal, enabling taxpayers to easily view details of foreign assets and income within the AIS and file their ITRs accurately.

Income Tax Return: If you hold assets abroad or earn any income from overseas, this information regarding income tax is crucial for you. You no longer need to visit multiple sources to access details about your foreign assets and income. The Central Board of Direct Taxes (CBDT) has introduced a new feature on the income tax e-filing portal for the convenience of taxpayers.

Under this initiative, taxpayers can now easily view information related to their foreign assets and income in their Annual Information Statement (AIS). The move aims to assist taxpayers in filing their Income Tax Returns (ITR) correctly. The department states that the objective of this facility is not to keep taxpayers under surveillance, but to simplify tax compliance.

Financial information received from over 100 countries