Income Tax Return: CBDT launches compliance and awareness programme for foreign asset filing.
Income Tax Return: The Income Tax Department said that a campaign has been launched to inform the taxpayers who have not disclosed high value foreign income or assets in their ITR for the assessment year 2024-25. The Central Board of Direct Taxes (CBDT) has launched a compliance-cum-awareness campaign for the assessment year (AY) 2024-25 to make taxpayers fill the schedule ‘Foreign Assets’ (Schedule FA) correctly in their Income Tax Returns (ITR) and inform about income from foreign sources (Schedule FSI).
Information will be given through SMS
The CBDT said in a statement that the informative messages will be sent via SMS and email to resident taxpayers who have already submitted their ITR for the assessment year 2024-25. The board said that these messages are for persons identified through information received under bilateral and multilateral agreements. This information shows that these persons may have foreign accounts or assets, or it is possible that they have income from abroad.
It aims to remind and guide those who have not properly completed the Schedule Foreign Assets in their submitted ITR for Assessment Year 2024-25, especially in cases involving high-value foreign assets.
This initiative is in line with the vision of developed India which highlights the Income Tax Department’s commitment to use technology to simplify taxpayer compliance and reduce human intervention. By leveraging data obtained through Automated Exchange of Information (AEOI), the Income Tax Department is working to create a more efficient and taxpayer-friendly system.
The CBDT hopes that all eligible taxpayers will avail this opportunity to fulfil their tax responsibilities and contribute to the economic development of the country. This endeavour is not only in line with the Government’s vision for a developed India but also promotes a culture of transparency, accountability and voluntary compliance.
For detailed, step-by-step guidance on how to complete Schedule Foreign Assets, taxpayers should refer to the official website of the Income Tax Department www.incometax.gov.in where resources and support are available to help them.
