CBDT’s Compliance-Cum-Awareness Campaign: A Step Toward Enhanced Transparency
The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year 2024-25. This initiative aims to ensure the accurate reporting of foreign income and assets in Income Tax Returns (ITRs). By promoting voluntary compliance, the government demonstrates its commitment to transparency and equitable taxation.
Key Objectives of the Campaign
- Accurate Disclosure of Foreign Income and Assets
The campaign educates taxpayers on their responsibilities under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. - Promoting Voluntary Compliance
Through awareness, the CBDT seeks to reduce non-compliance and encourage self-reporting of undisclosed income and assets. - Strengthening Transparency
This effort aligns with the government’s broader vision of creating a transparent and fair tax system, especially for taxpayers with global assets.
Why This Campaign Matters
The Black Money Act, 2015, was introduced to address undisclosed foreign income and assets. It imposes severe penalties for violations. Building on this foundation, the Compliance-Cum-Awareness Campaign gives taxpayers a chance to comply with the law and avoid penalties.
Call to Action
The CBDT encourages taxpayers to review their ITRs for AY 2024-25 and disclose all foreign income and assets accurately. By doing so, they contribute to a fair and transparent financial system.
For more information, visit the official website of the Income Tax Department.
Join the CBDT in building a compliant and transparent tax ecosystem!
