CBT launched a campaign to bring tax payers closer to foreign assets not disclosed in ITR
The tax department on Saturday said it has launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 2024-2025.
The Central Board of Direct Taxes (CBDT) has launched the Compliance-cum-Awareness Campaign Year Assessment (AY) 2024-25 to help taxpayers in accurately filling the Schedule of Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule of -FSI) in their income tax returns (ITR).
In a statement, CBT said information messages will be sent through SMS and email to resident taxpayers who have already submitted their ITRs for AY 2024-25. These messages are intended for individuals identified by information obtained under bilateral and multilateral agreements, suggesting that they may hold foreign accounts or assets, or receive income from foreign sources.
The purpose is to remind and guide those who may not have fully completed Schedule Foreign Goods in their submitted ITR for AY 2024-25, especially in cases involving high value foreign goods, it added.
By using technology and useful data obtained through Automatic Exchange of Information (AEOI), the department is working to create an efficient, taxpayer-friendly system, the CBDT said.
