CBDT launches campaign to inform taxpayers on undeclared foreign assets

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CBDT launches campaign to inform taxpayers on undeclared foreign assets - Business Standard

Quick Summary:

The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their income tax returns (ITR).

The income tax department on Saturday said it has launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 2024-25.

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.