CBDT launches a campaign to enhance compliance and awareness for the upcoming assessment year.
On November 16, 2024, the Central Board of Direct Taxes (CBDT) launched a campaign aimed at enhancing taxpayer compliance and awareness for the upcoming assessment year. This initiative focuses on assisting taxpayers in accurately completing the Schedule Foreign Assets (FA) and reporting income from foreign sources in their Income Tax Returns (ITR).
Let us have a look at the Key Points of the initiatives:
1. Compliance with Schedule FA and Foreign Source Income (FSI) reporting is required under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. This law mandates full disclosure of foreign assets and income.
2. The campaign will involve sending informational messages via SMS and email to resident taxpayers who have submitted their ITR for AY 2024-25. These communications will target individuals identified through international agreements, indicating potential foreign accounts or assets.
3. The goal is to remind and guide taxpayers who may not have fully completed Schedule FA, particularly those with high-value foreign assets. This proactive approach aims to ensure compliance and reduce the risk of penalties.
4. The initiative aligns with the government’s vision for a developed India (Viksit Bharat) and reflects the Income Tax Department’s commitment to leveraging technology for simplifying compliance processes and minimizing direct interactions.
5. The CBDT encourages all eligible taxpayers to take advantage of this campaign to fulfill their tax obligations, contributing to national economic development and fostering a culture of transparency and accountability.
The copy of the press release is as under:
