The Central Board of Direct Taxes ( CBDT ) has introduced a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to help taxpayers accurately fill out Schedule Foreign Assets (Schedule FA) and report any income from foreign sources (Schedule FSI) in their Income Tax Returns (ITR).
The completion of these schedules is mandatory under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which requires the detailed disclosure of any foreign assets and related income by taxpayers.
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As part of this campaign, the board will reach out to resident income taxpayers who have already filed their ITRs for AY 2024-25 through informational SMS and email communications. These messages target individuals identified via data-sharing agreements—both bilateral and multilateral—that suggest they might possess foreign accounts, assets, or have earned income from foreign sources.
The purpose of these messages is to remind taxpayers to thoroughly complete Schedule Foreign Assets, especially for cases involving substantial foreign assets, to ensure full and transparent compliance with their tax returns.
The campaign orients with the government’s vision for Viksit Bharat (Developed India) using advanced technology to make compliance easier and reduce direct human interaction.
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“By leveraging data obtained through the Automatic Exchange of Information (AEOI), the department is working to create a more efficient, taxpayer-friendly system” added the board.
The press release stated that “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 is in line with the government’s vision for a developed India but also fosters a culture of transparency, accountability, and voluntary compliance.”
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