ITR For AY 2024-25: Income Tax Department Targets Undisclosed Foreign Assets With New Campaign
The Income Tax Department announced on Saturday that it has initiated a campaign to send targeted messages to taxpayers who have failed to disclose high-value foreign income or assets in their income tax returns (ITRs) for the Assessment Year (AY) 2024-25.
Read More: India’s Net Direct Tax Collections Surge 15.4% To Rs 12.1 Lakh Crore In April-November
Campaign Objective and Target Audience
The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for AY 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their ITR.
Information Delivery via SMS and Email
In a statement, CBDT said informational messages will be sent via SMS and email to resident taxpayers who have already submitted their ITRs for AY 2024-25.
Read More: ITR Filing: Submitted tax audit on time but failed to file tax return? Here’s what to do now
Targeted Outreach Based on Bilateral and Multilateral Agreements
These messages are intended for individuals identified through information received under bilateral and multilateral agreements, suggesting that they may hold foreign accounts or assets, or have received income from foreign jurisdictions.
Emphasis on High-Value Foreign Assets
The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitted ITR for AY 2024-25, especially in cases involving high-value foreign assets, it added.
Read More: Final day for filing income tax returns for audits: Penalties for missing the deadline
Leveraging Data from AEOI
CBDT added that it is leveraging data obtained through the Automatic Exchange of Information (AEOI) and the department is working to create a more efficient, taxpayer-friendly system.
(With PTI inputs)
