CBDT Launches Awareness Campaign Regarding Reporting of Foreign Assets in ITR:

CBDT Launches Awareness Campaign Regarding Reporting of Foreign Assets in ITR

The CBDT has launched a campaign as part of its Compliance-Cum-Awareness Campaign for AY 2024-25 to enable taxpayers to correctly complete the Schedule Foreign Assets while preparing their Income Tax Returns (ITRs) and accurately report their income from foreign sources.

Targeted Informational Outreach Under this scheme, the CBDT will send advisory messages to resident taxpayers through SMS and email. These messages will be targeted at taxpayers whose ITRs for AY 2024-25 have already been filed in and who are identified under bilateral and multilateral agreements as having potential foreign accounts or assets or income from foreign jurisdictions. The campaign mainly addresses taxpayers to remind them of their obligations and guide them in completing Schedule Foreign Assets, more so in instances where the assets possessed are highly valued. This ensures that taxpayers who may have erred in their declaration can correct and declare their foreign assets correctly. Encouraging Voluntary Compliance The government has aligned it with its overall vision of building transparency, accountability, and voluntary compliance in tax reporting. Taxpayers should see this opportunity as a duty to contribute to national economic development. It does underscore transparent and proper reporting to encourage a tax compliant culture and reflects the government's intent to educate taxpayers while disciplining them in matters related to financial declarations.