Income Tax Department to expand Annual Information Statement with GST, overseas investment data

The Income Tax Department plans to broaden its Annual Information Statement (AIS) by integrating additional taxpayer data sources. The expansion will include GST returns, foreign remittances connected to mutual funds, off-market securities transactions, and overseas investments.

The revision also incorporates data from other taxpayers' income tax returns to strengthen cross-verification of income and transaction details. This move aims to improve transparency and enable better matching of financial information across multiple compliance channels.