The Income Tax department has initiated a new campaign to contact taxpayers who have failed to report substantial overseas income or assets in their ITRs for AY 2024-25.
The Compliance-Cum-Awareness Campaign launched by the Central Board of Direct Taxes (CBDT) for Assessment Year 2024-25 will allow taxpayers in properly filling out Schedule Foreign Assets and reporting income from foreign sources in their income tax returns.
The CBDT announced that they will communicate through SMS and email with resident taxpayers who have submitted their ITRs for AY 2024-25. These notifications target individuals who have been identified through information obtained via bilateral and multilateral agreements, indicating their potential ownership of foreign accounts, assets, or receipt of income from overseas jurisdictions.
The initiative aims to provide reminders and guidance to those who may have incompletely filled Schedule Foreign Assets in their submitted ITR for AY 2024-25, particularly concerning high-value foreign assets.
The CBDT stated that by implementing technology and utilising data received through the Automatic Exchange of Information, the department strives to establish a more effective and user-friendly system.