New IT Campaign Targets Undeclared Foreign Assets in Tax Returns

The Income Tax Department has initiated a Compliance-Cum-Awareness Campaign to identify taxpayers who haven't disclosed high-value foreign income or assets in their ITRs for AY 2024-25. CBDT will send informational reminders to residents, leveraging data from international agreements to ensure accurate reporting.

The Income Tax Department announced the launch of a Compliance-Cum-Awareness Campaign aimed at taxpayers who have failed to declare high-value foreign income or assets in their tax returns for AY 2024-25.

The Central Board of Direct Taxes (CBDT) clarified that the campaign would involve sending informational messages via SMS and email to residents who have already submitted their returns, urging them to accurately fill out Schedule Foreign Assets and Schedule FSI.

These efforts aim to utilize advanced technology and data from Automatic Exchange of Information agreements to promote a more efficient and user-friendly tax system, ultimately enhancing compliance and transparency.

(With inputs from agencies.)