Taxpayers Alert: CBDT’s new campaign helps you accurately report foreign assets and income for AY 2024-25 | Mint
Source: Live Mint
The Central Board of Direct Taxes (CBDT) has started a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in correctly completing the Schedule overseas assets and appropriately reporting income from overseas sources in their income tax returns (ITRs).
As part of this campaign, informational messages will be sent via SMS and email to resident taxpayers who have already submitted their ITR for AY 2024-25. These messages are intended for individuals identified through information received under bilateral and multilateral agreements, suggesting that they may hold foreign accounts or assets, or have received income from foreign jurisdictions. The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitted ITR for AY 2024-25, especially in cases involving high-value foreign assets.
This initiative aligns with Viksit Bharat’s vision and highlights the Income Tax Department’s commitment to using technology to simplify taxpayer compliance and reduce human interaction. By leveraging data obtained through the Automatic Exchange of Information (AEOI), the department is working to create a more efficient, taxpayer-friendly system.
The CBDT expects all eligible taxpayers to take advantage of this opportunity to fulfil their tax responsibilities and contribute to the nation’s economic development. This effort not only aligns with the government’s vision for a developed India but also fosters a culture of transparency, accountability, and voluntary compliance.
Key takeaways
Informational messages will be sent via SMS and email to resident taxpayers who have already filed their Income Tax Returns (ITR) for Assessment Year (AY) 2024-25.
These messages are aimed at individuals flagged through bilateral and multilateral agreements, suggesting that they may have foreign assets, accounts, or income from foreign sources.
The campaign’s objective is to remind and assist taxpayers who may have incomplete or missing information in Schedule Foreign Assets of their ITRs, particularly in cases involving high-value foreign assets.
Taxpayers who need guidance on completing the Schedule FA can access step-by-step instructions and resources on the official Income Tax Department website at www.incometax.gov.in.
Read all our personal finance stories here
