CBDT has launched a compliance-cum-awareness campaign for assessment year 24-25.
The Income Tax Department on Saturday announced that it has launched a targeted messaging campaign to taxpayers who have failed to declare high-value foreign income or assets in their Income Tax Return (ITR) for Assessment Year (AY) 2024-25.
Campaign objective and target audience
The Central Board of Direct Taxes (CBDT) has launched a compliance-cum-awareness campaign for AY 2024-25 to help taxpayers accurately report foreign assets (Schedule FA) and income from foreign sources in their ITR.
Information distribution through SMS and email
In a statement, CBDT said that informational messages will be sent through SMS and email to resident taxpayers who have already submitted their ITR for AY 2024-25.
Targeted outreach based on bilateral and multilateral agreements
These messages are intended for individuals identified through information received under bilateral and multilateral agreements, which indicates that they hold foreign accounts or assets or have received income from foreign jurisdictions.
Emphasis on high-value foreign assets
The objective is to remind and guide those who have not fully completed foreign assets in their submitted ITR for AY 2024-25, especially in cases involving high value foreign assets.
Leverage data from AEOI
The CBDT added that it is leveraging data obtained through Automatic Exchange of Information (AEOI) and the department is working to create a more efficient, taxpayer-friendly system.