Last Updated:
IT division to ship out messages to taxpayers which have truly not divulged high-value worldwide income or possessions of their ITRs for AY 24-25
CBDT has truly launched a Compliance-Cum-Awareness Campaign for Assessment Year 24-25
The Income Tax Department launched on Saturday that it has truly launched a mission to ship out focused messages to taxpayers which have truly fallen brief to disclose high-value worldwide income or possessions of their tax return (ITRs) for the Assessment Year (AY) 2024-25.
Campaign Objective and Target Audience
The Central Board of Direct Taxes (CBDT) has truly launched a Compliance-Cum-Awareness Campaign for AY 2024-25 to assist taxpayers in correctly ending Schedule Foreign Assets (Schedule FA) and reporting income from worldwide assets (Schedule FSI) of their ITR.
Information Delivery utilizing SMS and Email
In a declaration, CBDT claimed academic messages will definitely be despatched out utilizing SMS and e-mail to resident taxpayers which have truly at present despatched their ITRs for AY 2024-25.
Targeted Outreach Based on Bilateral and Multilateral Agreements
These messages are meant for folks decided with data gotten underneath reciprocal and multilateral preparations, recommending that they may maintain worldwide accounts or possessions, or have truly gotten income from worldwide territories.
Emphasis on High-Value Foreign Assets
The perform is to advise and help those who won’t have truly utterly completed Schedule Foreign Assets of their despatched ITR for AY 2024-25, significantly in conditions entailing high-value worldwide possessions, it included.
Leveraging Data from AEOI
CBDT included that it’s leveraging info acquired with the Automatic Exchange of Information (AEOI) and the division is functioning to supply a way more efficient, taxpayer-friendly system.
(With PTI inputs)
News group” tax obligation ITR For AY 2024-25: Income Tax Department Targets Undisclosed Foreign Assets With New Campaign
