New Delhi, July 10 -- Taxpayers may soon see complete details of their overseas transactions and financial accounts reflected in their Annual Information Statement (AIS). The Central Board of Direct Taxes (CBDT) has introduced a stronger reporting mechanism to integrate foreign financial data, making compliance easier and verification of foreign assets more transparent.

The initiative is designed to foster a healthier relationship between taxpayers and tax authorities, increase transparency and simplify the verification of foreign assets disclosed in income tax returns.

Over the next few years, a more refined compliance system with new features will be added to the official website.

In a recent order issued by CBDT on 8 July, the board...