India income tax reporting changes

In July 2026 the Indian Income Tax Department upgraded its e‑filing portal, adding a foreign‑asset section to the Annual Information Statement. The new view, covering assessment years 2022‑2024 and slated to include 2025 data by late 2026, lets taxpayers see overseas bank accounts, shareholdings, dividends and interest alongside domestic information, facilitating correction of undisclosed offshore income before filing.

A week later the department highlighted a sharp increase in ultra‑high‑income filers, with those reporting Rs 100 crore + in gross total income rising fourfold from 142 in AY 2021‑22 to 576 in AY 2025‑26. Minister of State for Finance Pankak Chaudhary noted the absence of a statutory “billionaire” definition and reiterated that wealth data are not collected after the 2016 repeal of the wealth‑tax act. The announcement also included new guidance for non‑resident Indians, advising most to use ITR‑2 rather than the resident‑only ITR‑1 to avoid defective returns and potential notices.