New Delhi
The Central Board of Direct Taxes (CBDT) on Saturday said that it has launched a new campaign aimed at ensuring taxpayers accurately report foreign income and assets in their Income Tax Returns (ITRs) for the assessment year (AY) 2024-25. The campaign will involve sending informational messages to residents who have already filed their returns but may not have disclosed high-value foreign assets or income.
Through this Compliance-Cum-Awareness Campaign, the CBDT aims to guide taxpayers on correctly completing Schedule Foreign Assets (Schedule FA) and reporting foreign income (Schedule FSI) in their ITRs. The messages will be sent via SMS and email to individuals identified through data-sharing agreements with other countries, which suggest they may hold foreign accounts or assets, or have received foreign income.
The department is focusing on individuals who may have overlooked or inadequately disclosed foreign assets, particularly those with high values. Using data obtained through the Automatic Exchange of Information (AEOI), the CBDT is leveraging technology to ensure a more efficient and taxpayer-friendly process.
The campaign is part of the government’s broader efforts to improve tax compliance and transparency in the reporting of international income and assets.
