The Income Tax Department has introduced a new feature on its e-filing portal that allows taxpayers to check whether any foreign country has reported financial assets or income in their name.
This move is aimed at making tax compliance easier, especially for people with bank accounts, investments or other financial assets outside India.
The feature will also help taxpayers prepare for the upcoming Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS 2026).
What Can You Check Using the New Feature?
With the new tool, taxpayers can now view details of foreign financial information reported under their name, including:
Foreign bank or custodial accounts
Investments held abroad
Interest income
Dividend income
Other specified foreign financial assets and income
This feature is especially useful for NRIs, international students and resident Indians who have financial assets or income outside India and are required to disclose them under Indian tax laws.
Where Can You Find This Information?
The new Foreign Assets Information section is available on the Compliance Portal of the Income Tax e-filing website.
To access it:
Log in to the Income Tax e-filing portal.
Open the Compliance Portal.
Click on the Reports tab.
Select Foreign Assets Information.
Download and review the available information.
If you notice any incorrect details, you can also submit feedback directly through the portal.
After your feedback is processed, the Annual Information Statement (AIS) will display both the original information received from the foreign source and the updated information after your feedback or source verification.
This helps taxpayers review their records more accurately and improve compliance.
Why Has the Government Introduced This Feature?
According to the Income Tax Department, the new report aims to:
Increase awareness about reporting foreign assets.
Help taxpayers identify any missing disclosures.
Provide a structured process for correcting errors.
Encourage voluntary tax compliance.
The government also reminded taxpayers that India regularly receives financial information from many foreign countries under international information-sharing agreements.
The reported information generally covers the period from January 1 to December 31 of a calendar year.
What Is FAST-DS 2026?
The Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS 2026) has been announced by the government but will come into effect only after it is officially notified in the Gazette.
The scheme will give eligible resident taxpayers six months to voluntarily disclose previously undisclosed foreign assets or foreign income.
Those who comply under the scheme can receive immunity from prosecution under the Black Money Act, subject to the prescribed conditions.
Who Can Benefit from the Scheme?
FAST-DS 2026 is expected to help two categories of taxpayers:
Category A: Taxpayers who did not disclose foreign income or foreign assets.
Proposed limit: Up to ₹1 crore in undisclosed foreign income or assets.
They will need to pay 30% tax on the fair market value of the asset or undisclosed income, along with an additional 30% tax in place of a penalty.
- In return, they may receive immunity from prosecution.
Category B: Taxpayers who disclosed foreign income and paid the required tax but failed to report the asset acquired from that income.
Proposed asset limit: Up to ₹5 crore.
They can obtain immunity from penalty and prosecution by paying a ₹1 lakh fee, as the applicable tax has already been paid.
Important Things to Remember
Although FAST-DS 2026 has been announced, it is not yet operational. The scheme will become effective only after the government issues the official Gazette notification.
Taxpayers with overseas bank accounts, investments or other foreign assets should review their financial records carefully and ensure they meet all reporting requirements under Indian tax laws.
Since tax rules and disclosure schemes can change, it is advisable to consult a qualified tax professional or chartered accountant before making any disclosure or compliance-related decision.
