ITR For AY 2024-25: Income Tax Department Targets Undisclosed Foreign Assets With New Campaign

Last Updated:November 16, 2024, 14:57 IST

IT department to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 24-25

The Income Tax Department announced on Saturday that it has initiated a campaign to send targeted messages to taxpayers who have failed to disclose high-value foreign income or assets in their income tax returns (ITRs) for the 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 assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their ITR.

Information Delivery via SMS and Email

In a statement, CBDT said informational messages will be sent via SMS and email to resident taxpayers who have already submitted their ITRs 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, suggesting that they may hold foreign accounts or assets, or have received income from foreign jurisdictions.

Emphasis on High-Value Foreign Assets

The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitted ITR for AY 2024-25, especially in cases involving high-value foreign assets, it added.

Leveraging Data from AEOI

CBDT added that it is leveraging data obtained through the Automatic Exchange of Information (AEOI) and the department is working to create a more efficient, taxpayer-friendly system.

(With PTI inputs)