The Central Board of Direct Taxes (CBDT) on Saturday, November 16 launched a compliance awareness campaign to help taxpayers accurately report their foreign assets and foreign source income for AY 2024-25.

Specifically, the campaign focuses on accurate completion of Schedule Foreign Assets (Schedule FA) and reporting of income from foreign sources (Schedule FSI) for those who have already filed Income tax returns (ITRs) for AY 2024-25.

According to the Ministry of Finance, compliance with Schedules FA and FSI is required under the Black Money (Undisclosed Overseas Income and Assets) and Levy of Taxes Act, 2015, which mandates full disclosure of overseas assets and income.

CBDT has launched a compliance awareness campaign for assessment year (AY) 2024-25 to help taxpayers accurately fill the Foreign Asset Schedule and report foreign source income in their ITRs.

In this campaign, informative messages will be…

— Income Tax India (@IncomeTaxIndia) November 16, 2024

Under this initiative, CBDT will send information messages through SMS and email to resident taxpayers who have already filed their ITRs. These messages will target individuals identified through bilateral and multilateral agreements, implying that they may have foreign accounts or assets or have received money from foreign jurisdictions.

The purpose is to remind and guide assessees who may not have fully filled the Schedule of Foreign Assets in the ITRs submitted for AY 2024-25, particularly in cases involving high value foreign assets.

This initiative is also closely aligned with the objective of ‘Viksit Bharat’ (Developed India) and demonstrates the commitment of the Income Tax Department to use technology to ease taxpayer compliance while reducing human involvement, an official release from CBDT said.

IT department aims to build a more efficient and taxpayer-friendly system by using data received through the Automatic Exchange of Information (AEOI).

The tax authorities expect all qualified taxpayers to take advantage of this opportunity to fulfill their tax obligations and contribute to the economic development of the country.

In addition to the government’s vision for a developed India, this effort also promotes a culture of transparency, accountability and voluntary compliance.

Taxpayers are advised to visit the official website of the Income Tax Department for a detailed step-by-step guide on filling the Foreign Asset Schedule.