The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for the Assessment Year (AY) 2024-25, aimed at assisting taxpayers in accurately reporting their foreign assets and income. The initiative focuses on ensuring that individuals correctly complete the Schedule Foreign Assets (Schedule FA) and disclose income from foreign sources (Schedule FSI) in their Income Tax Returns (ITR).
In line with the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the CBDT’s campaign targets taxpayers who may have inadvertently omitted foreign assets or income. These taxpayers, identified through data sharing agreements under bilateral and multilateral frameworks, will receive SMS and email alerts. The focus is particularly on high-value cases, where the likelihood of non-compliance is higher.
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The campaign highlights how the government uses technology to make tax compliance easier and create an atmosphere that is attractive to taxpayers. The Income Tax Department wants to streamline the reporting process and minimize human interaction by utilizing data from the Automatic Exchange of Information (AEOI). It is anticipated that this will promote voluntary compliance and strengthen the bond of trust between the government and the people.
The initiative also supports the government’s broader vision of "Viksit Bharat" (Developed India), promoting greater transparency and accountability in the tax system. By nurturing a culture of voluntary compliance, the campaign contributes to strengthening the country’s economic foundation and achieving long-term fiscal stability.
For those requiring assistance in completing the Schedule FA, the Income Tax Department has made step-by-step instructions available on its official website, www.incometax.gov.in. The CBDT urges all eligible taxpayers to participate in the campaign, ensuring accurate reporting and contributing to the nation’s economic progress.
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(With Inputs From Agencies)