Mahavir Shah & Associates Chartered Accountants

Happy 80th Indian Independence Day

Mahavir Shah & Associates Chartered Accountants

**Foreign Asset Information Now Available in AIS**

The **Foreign Asset Information** tab has now been activated in the **Annual Information Statement (AIS)**.

Unlike most income-tax reporting, **foreign asset reporting is based on the Calendar Year (CY)** rather than the Financial Year (FY). Accordingly, foreign asset information for **CY 2022, CY 2023, and CY 2024** has been updated and is now available in AIS.

For the **Assessment Year (AY) 2026–27**, the relevant reporting period is **Calendar Year 2025**. The corresponding foreign asset information for **CY 2025** is **yet to be updated** in the AIS.

Taxpayers having foreign assets or foreign income should verify the information available in AIS before filing their Income-tax Return and ensure appropriate disclosure in **Schedule FA** and other applicable schedules, wherever required.

Mahavir Shah

GSTAT UPDATE | TOKEN FACILITY INTRODUCED FOR APPEALS

Good news for taxpayers and professionals!

The Hon'ble President of GSTAT has introduced a Token Generation Facility to safeguard appeals that may not be filed by 31st July 2026 due to portal issues.

Key Highlights:

✅ Generate a Token on or before 31st July 2026 by submitting basic appeal details.

✅ Generation of the Token will be treated as compliance with the due date for filing appeal.

✅ The complete appeal must be filed within 60 days from the date of Token generation.

✅ A separate Token is required for each appeal.

✅ Token holders who could not file due to portal/technical issues will be treated as an exception and delay fee may not be applicable, subject to verification.

⚠️ Important: Generate the Token only with accurate and complete details. Tokens containing incomplete or incorrect information may be treated as void.

Practical Advice:
Even if you are unable to complete the appeal before 31st July 2026, do not miss generating the Token. It can protect your right to file the appeal within the next 60 days.



Mahavir Shah & Associates Chartered Accountants Mahavir Shah CA Anil Jain

Mahavir Shah Mahavir Shah & Associates Chartered Accountants