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The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing the Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their Income Tax Returns (ITR).
According to the Ministry of Finance, this initiative aligns with the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which mandates comprehensive disclosure of foreign income and assets. As part of the campaign, the CBDT will send informational messages via SMS and email to resident taxpayers who have already filed their ITR for AY 2024-25. These messages will target individuals identified through data received under bilateral and multilateral agreements, indicating potential ownership of foreign accounts or assets or receipt of income from foreign jurisdictions. The focus will particularly be on high-value cases, ensuring taxpayers who may have inadvertently omitted reporting their foreign assets are reminded to fulfil their obligations. The campaign is a testament to the government's commitment to leveraging technology to enhance tax compliance. Using data from the Automatic Exchange of Information (AEOI) framework, the Income Tax Department is working to streamline the compliance process, reduce human interaction, and foster a taxpayer-friendly environment. By simplifying reporting requirements, the department aims to encourage voluntary compliance and build trust among taxpayers. This initiative is also closely aligned with the government's vision of "Viksit Bharat" (Developed India), promoting transparency, accountability, and responsible tax practices. By fostering a culture of voluntary compliance, the campaign contributes to strengthening India's economic foundation and achieving long-term fiscal goals. 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. The CBDT urges all eligible taxpayers to take advantage of this opportunity to ensure accurate reporting and contribute to the nation's economic progress. (ANI)
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