Last updated: 23 October 2026 · By Analyst, Platizio Global
Since July 2026, your Annual Information Statement (AIS) shows foreign accounts and income other countries have reported about you. If your assessment year (AY) 2026-27 return missed a foreign asset, revise it by 31 March 2027 (no fee until 31 December 2026). Earlier years can be fixed through an updated return (ITR-U) or the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), open until 31 December 2026.
Key takeaways
- The Central Board of Direct Taxes (CBDT) says the report is not “a complete or exhaustive record”.
- Resident and ordinarily resident taxpayers must report every foreign asset held in the calendar year in Schedule FA, at any value.
- AY 2026-27 (2025-26 income, under the 1961 Act): belated return by 31 December 2026; revised return by 31 March 2027.
- Since 1 October 2024, the Black Money Act’s ₹10 lakh penalty does not apply where foreign assets other than immovable property total ₹20 lakh or less.
What CBDT launched, and how to see it
CBDT’s note of 17 July 2026 says the display, meant “to facilitate, and not to investigate”, covers calendar years (CY) 2022 to 2024; CY 2025 is to follow “once it is received in the month of September / October 2026”.
- Type incometax.gov.in yourself (not an emailed link), log in and click “AIS”.
- On the Compliance Portal, open “Reports”, then “Foreign Assets Information”.
- Choose the year and click “Download PDF” (password: your PAN in lower case plus your date of birth, ddmmyyyy).
Where the data comes from
The data comes from over 100 partner jurisdictions, under the Common Reporting Standard (CRS) and, from the US, the Foreign Account Tax Compliance Act (FATCA). Under the India–US FATCA agreement of 9 July 2015, the US sends deposit interest, “U.S. source dividends” and some other US-source income, but not the “account balance or value” India sends the US.
Why you got an income tax message
Since July 2026, CBDT’s SMSs and emails have reminded taxpayers to report foreign assets in AY 2026-27 returns. The first campaign, announced on 16 November 2024, covered AY 2024-25 returns; CBDT says 24,678 taxpayers then revisited theirs. A second NUDGE, from 28 November 2025, targeted “high-risk cases” in AY 2025-26 returns.
How to fix an omission, and the penalty
| Route | Deadline (AY 2026-27) | Cost | Limits |
|---|---|---|---|
| Revised return, section 139(5) (Finance Act 2026) | 31 March 2027, unless assessed earlier | Nil to 31 December 2026; then ₹1,000 (income up to ₹5 lakh) or ₹5,000 (section 234-I; see below) | Needs an original or belated return |
| Belated return, section 139(4) | 31 December 2026 | ₹5,000; ₹1,000 if income up to ₹5 lakh (section 234F) | If you never filed |
| ITR-U, section 139(8A) | 48 months after the AY ends | Extra 25%–70% of tax and interest | Cannot cut tax or raise a refund; barred once treaty or Black Money Act information is communicated |
| FAST-DS (Notification 114/2026) | 31 December 2026 | ₹1 lakh fee if bought from income taxed in India or earned abroad while non-resident (up to ₹5 crore); else 30% tax plus an equal penalty (up to ₹1 crore) | Black Money Act immunity for what you declare (years to 2025-26) |
Three points are unsettled; ask a chartered accountant (CA). Section 234-I, as enacted, counts nine months “from the end of the relevant assessment year”, after revision closes; the Finance Bill’s notes on clauses count from the previous year’s end (a fee from 1 January 2027). Revising by 31 December 2026 avoids it either way. The law is silent on an ITR-U that only adds Schedule FA (Quicko says it needs extra tax) and on whether the AIS display or an SMS is treaty information “communicated” to you.
Section 43 of the Black Money Act allows a ₹10 lakh penalty where a return under section 139(1), (4) or (5) omits or misstates a foreign asset or income; section 42 covers not filing. Since 1 October 2024, neither these penalties nor prosecution (Finance Act 2026) applies where foreign assets other than immovable property total ₹20 lakh or less. The valuation date, and whether this covers defaults before October 2024, are unsettled (Schedule FA penalty).
What to do now
- Match every line of each year’s report with your statements and that year’s Schedules FA and FSI.
- If a line is wrong, click “Submit Feedback”, enter its TSN and remarks (up to 400 characters); feedback “will not be modified” once submitted.
- If your AY 2026-27 return missed a 2025 holding, revise it, ideally by 31 December 2026.
- For CY 2022–2024 (AY 2023-24 to 2025-26), weigh ITR-U against FAST-DS with a CA before 31 December 2026.
What it means for your US investments
If you are resident and ordinarily resident, report every US share and ETF held during the calendar year in Schedule FA of ITR-2 or ITR-3; ITR-1 and ITR-4 lack it, CBDT notes.
| Route | Table A2 (foreign custodial account) | Table A3 (foreign equity) |
|---|---|---|
| US broker | Yes | Yes, one row per holding |
| GIFT City (IFSC) platform | Unsettled: account is with an Indian entity; no CBDT guidance | Yes: “any beneficial interest” |
Sources
- CBDT: Office memorandum F.No. 414(B)21/2023-T(Inv.VI)/64 and taxpayer note on Foreign Assets Information (CRS/FATCA) in AIS (17 July 2026) — https://www.incometax.gov.in/iec/foportal/sites/default/files/2026-07/OM_17.07.2026_Hosting%20of%20Note%20on%20CRS%20in%20AIS.pdf
- PIB: CBDT launches 2nd NUDGE initiative to strengthen voluntary compliance in respect of Foreign Assets (27 November 2025) — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2195261
- PIB: CBDT launches Compliance-Cum-Awareness Campaign for AY 2024-25 (16 November 2024) — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2073820
- Gazette of India: The Finance Act, 2026 (No. 4 of 2026), 30 March 2026, sections 5, 16, 130–140 and 160 — https://egazette.gov.in/WriteReadData/2026/271439.pdf
- Ministry of Finance: Memorandum explaining the provisions in the Finance Bill, 2026 — https://www.indiabudget.gov.in/doc/memo.pdf
- Income Tax Department: Section 234-I, Income-tax Act, 1961 (inserted by Act No. 4 of 2026) — https://www.incometaxindia.gov.in/w/section-234i
- India Code: Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (as on 1 July 2026) — https://www.indiacode.nic.in/bitstream/123456789/2147/1/A201522.pdf
- CBDT: Notification No. 114/2026, Foreign Assets of Small Taxpayers- Disclosure Scheme Rules, 2026 (14 August 2026) — https://www.incometax.gov.in/iec/foportal/sites/default/files/2026-08/Notification%20114.pdf
- Income Tax Department: Tutorial on Updated Return (as amended by Finance Act, 2025) — https://incometaxindia.gov.in/Tutorials/51.Updated-Return.pdf
- Income Tax Department: Step-by-Step Guide to Fill FSI, TR and FA Schedule in ITR — https://www.incometax.gov.in/iec/foportal/sites/default/files/2026-03/Step%20by%20Step%20Guide%20FA%20FSI.pdf
- US Treasury: Agreement between the United States and India to improve international tax compliance and implement FATCA (9 July 2015) — https://home.treasury.gov/system/files/131/FATCA-Agreement-India-7-9-2015.pdf
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