CBDT | Compliance-Cum-Awareness Campaign for AY 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in ITR – The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25, focusing on helping taxpayers complete the Schedule Foreign Assets (Schedule FA) and Schedule Foreign Source Income (Schedule FSI) in their Income Tax Returns (ITRs). This step is part of the mandatory compliance requirements under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which necessitates full disclosure of foreign income and assets. As part of this initiative, taxpayers who have already submitted their ITR for AY 2024-25 will receive SMS and email alerts. These communications are aimed at individuals identified through information exchanges under bilateral and multilateral agreements, suggesting they may have foreign accounts or income but have not fully completed the relevant sections in their returns.
The campaign leverages Automatic Exchange of Information (AEOI) to identify taxpayers with high-value foreign assets and reminds them to report foreign income or holdings accurately. This aligns with the government’s goal of creating a more transparent, accountable tax system. The CBDT also highlights its efforts to simplify compliance by reducing direct human interaction and using technology to facilitate the process. Taxpayers are encouraged to visit the official Income Tax Department website for detailed guidance on how to properly complete the Schedule Foreign Assets section. This initiative is in line with India’s vision of fostering economic growth through improved tax compliance, transparency, and a robust financial ecosystem.