Quick Summary
CBDT launches Compliance-Cum-Awareness Campaign for AY 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in ITR The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 202
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FAQ :
The campaign aims 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) for AY 2024-25.
Resident taxpayers who have already submitted their ITR for AY 2024-25 and have been identified through information received under bilateral and multilateral agreements, suggesting they may hold foreign accounts, assets, or have received foreign income.
Yes, compliance with Schedule FA and FSI is mandatory under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
The department is leveraging data obtained through the Automatic Exchange of Information (AEOI) under bilateral and multilateral agreements.
Taxpayers are encouraged to visit the official Income Tax Department website, www.incometax.gov.in, for detailed, step-by-step guidance and support.
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