INCOME TAX MAJOR DEVELOPMENT: CBDT has paved the way for reporting AEOI/CRS information in the Annual Information Statement (Form 168).
Going forward, taxpayers with overseas bank accounts, investments, interest, dividends or other reportable foreign financial assets should reconcile these with their Income Tax Return and foreign asset disclosures.
Any mismatch between the reported information and tax filings could lead to verification or scrutiny.
