The income tax department has rolled out a new feature on the e-filing portal to help taxpayers access their foreign asset information. As an Indian taxpayer, you can now easily check if any foreign nation has reported assets and sources of income abroad under your name, including custodial accounts, investments, interest, dividends, and other specified financial income.
International students and non-resident Indians with foreign assets, including bank accounts abroad, must follow Indian income tax laws by accurately reporting the existence and locations of these foreign assets or income sources.
Knowing your foreign income and assets is also crucial because the government is soon set to implement The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026). FAST-DS 2026 has been announced by the government, but its rollout will begin only after it is notified in the Official Gazette.
Where to check foreign assets information
Until now, such foreign asset information was not available for taxpayers to view on the AIS Compliance Portal. This is why the income tax department introduced a new feature on the e-filing portal to help taxpayers access their foreign asset information.
This tool will mainly help taxpayers who are eligible under FAST-DS 2026 and want to view their Foreign Assets Information, since such data is now available on the Compliance Portal. Taxpayers can access ‘Foreign Assets Information’ through the ‘Reports’ tab on the Compliance Portal via the e-filing portal. They can download details of their foreign assets to review them, and can also submit feedback if needed.
After feedback is given, taxpayers can see how it affects their information under AIS. For each category, AIS shows two values: the amount originally reported by the source, and the updated amount that reflects either the taxpayer’s feedback or the source’s confirmation of that feedback. This gives taxpayers a complete, Form 168-compliant view of their financial information.
The Foreign Assets Report aims to boost taxpayer awareness around foreign asset reporting, set up a structured feedback mechanism for reporting discrepancies, and promote transparency and voluntary compliance.
Indian taxpayers holding assets and income sources abroad should know that the Indian government also has access to this information. The government regularly receives financial account information of Indian taxpayers from foreign countries under the international information exchange framework. Foreign asset data is reported for the period from 1st January to 31st December.
Foreign Assets of Small Taxpayers Disclosure Scheme
The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) offers small taxpayers a time-bound opportunity to declare undisclosed foreign assets or foreign-sourced income by paying a specified tax or fee.
FAST-DS 2026 will give resident Indians six months to voluntarily disclose undisclosed foreign assets and income, providing immunity from prosecution under the Black Money Act, from the day the Act comes into force.
Once implemented, this six-month scheme will help small taxpayers, particularly NRIs and students. It lets people register their financial interests up to a certain amount if they either failed to disclose foreign income or assets, or disclosed income but failed to declare the asset they acquired.
This scheme applies to two categories of taxpayers: (A) those who did not disclose their overseas income or assets, and (B) those who disclosed their overseas income and paid the due tax, but could not declare the acquired asset.
For category (A), the limit of undisclosed income/asset is proposed at up to Rs 1 crore. They must pay 30% of the Fair Market Value of the asset or 30% of undisclosed income as tax, plus 30% as additional income tax instead of penalty, and would thereby get immunity from prosecution.
For category (B), asset value is proposed at up to Rs 5 crore. Here, immunity from both penalty and prosecution is available against payment of a fee of Rs 1 lakh, since the tax had already been paid but not reported.
