CBDT launches compliance cum awareness campaign for AY 2024 25 to assist taxpayers in reporting foreign assets and income:The Income Tax Department has launched a campaign to inform taxpayers who have not disclosed high-value foreign income or assets in their ITR for assessment year 2024-25. The Central Board of Direct Taxes (CBDT) has advised taxpayers to correctly fill Schedule ‘Foreign Assets’ (Schedule FA) in their Income Tax Returns (ITR) and declare income from foreign sources (Schedule FSI) from Assessment Year 2024. -25 Compliance-cum-awareness campaign has been launched.
The Central Board of Direct Taxes said in a statement that informational messages will be sent through SMS and email to resident taxpayers who have already submitted their ITR for AY 2024-25. The board said that these messages are for individuals identified through information received under bilateral and multilateral agreements. This information suggests that these individuals may have foreign accounts or assets, or may have received income from abroad.
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