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Informative

AIS now separately reports forex transactions: What should taxpayers know before filing ITR

Update / Judgement Date

04 Jul 2024

Source

CNBC TV18

Author

Team — WCP Legal Desk

Reading Time

1 min read

Income Tax

The Income Tax Department has updated the Annual Information Statement (AIS) for individuals, focusing on transparent reporting of foreign exchange transactions. Banks must now report all forex spends, including international travel and online foreign purchases, separately from credit card expenses. Taxpayers should review their AIS for discrepancies before filing their ITR and seek expert help if needed.