CBDT Launches Compliance-Cum-Awareness Campaign for AY 2024-25
Date: November 16, 2024
Category: Income Tax | Press Release
The Central Board of Direct Taxes (CBDT) has initiated a Compliance-Cum-Awareness Campaign for the Assessment Year (AY) 2024-25. This initiative aims to help taxpayers accurately complete Schedule Foreign Assets (Schedule FA) and Schedule Foreign Source Income (Schedule FSI).
These schedules play a crucial role in disclosing foreign assets and income in the Income Tax Returns (ITR) under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
Key Objectives of the Campaign
- Enhance Awareness:
To begin with, the campaign seeks to educate taxpayers about the mandatory requirement to disclose foreign assets and income. - Guide on Compliance:
Furthermore, it aims to assist taxpayers in accurately completing Schedule FA and FSI in their ITRs. - Promote Transparency:
In addition, it leverages the Automatic Exchange of Information (AEOI) system to identify discrepancies and ensure proper reporting. - Simplify Taxpayer Experience:
Finally, it provides resources and guidance to reduce errors and enhance voluntary compliance.
Target Audience
The campaign primarily targets:
- Resident taxpayers who have already submitted their ITR for AY 2024-25.
- Individuals identified through bilateral/multilateral agreements holding foreign accounts, assets, or income.
- Taxpayers involved in high-value foreign asset transactions.
Key Features of the Campaign
- Informational Messages:
For instance, taxpayers will receive SMS and email notifications reminding them to review and complete their Schedule FA and FSI. - Data-Driven Identification:
Moreover, based on information from AEOI, taxpayers with incomplete foreign asset disclosures are being flagged. - Simplified Resources:
Additionally, step-by-step guidance is available on the Income Tax Department’s portal: www.incometax.gov.in.
Importance of Compliance
This initiative aligns closely with the government’s Viksit Bharat vision and underscores:
- Transparency and Accountability: Encouraging honest disclosures.
- Taxpayer-Friendly Systems: Reducing human interaction through technology.
- Economic Development: Enhancing the nation’s financial growth by ensuring proper tax compliance.
How to Proceed
To comply, taxpayers are urged to:
- First, log in to the Income Tax portal.
- Next, review and edit their filed ITR to ensure accurate disclosures in Schedule FA and FSI.
- Lastly, seek help from the resources provided online or consult a tax professional.
