Last Updated:
IT division to send out messages to taxpayers that have actually not divulged high-value international revenue or possessions in their ITRs for AY 24-25
CBDT has actually introduced a Compliance-Cum-Awareness Campaign for Assessment Year 24-25
The Income Tax Department introduced on Saturday that it has actually launched a project to send out targeted messages to taxpayers that have actually fallen short to reveal high-value international revenue or possessions in their tax return (ITRs) for the Assessment Year (AY) 2024-25.
Campaign Objective and Target Audience
The Central Board of Direct Taxes (CBDT) has actually introduced a Compliance-Cum-Awareness Campaign for AY 2024-25 to aid taxpayers in properly finishing Schedule Foreign Assets (Schedule FA) and reporting revenue from international resources (Schedule FSI) in their ITR.
Information Delivery using SMS and Email
In a declaration, CBDT claimed educational messages will certainly be sent out using SMS and e-mail to resident taxpayers that have actually currently sent their ITRs for AY 2024-25.
Targeted Outreach Based on Bilateral and Multilateral Agreements
These messages are meant for people determined with info gotten under reciprocal and multilateral arrangements, recommending that they might hold international accounts or possessions, or have actually gotten revenue from international territories.
Emphasis on High-Value Foreign Assets
The function is to advise and assist those that might not have actually completely finished Schedule Foreign Assets in their sent ITR for AY 2024-25, particularly in situations entailing high-value international possessions, it included.
Leveraging Data from AEOI
CBDT included that it is leveraging information acquired with the Automatic Exchange of Information (AEOI) and the division is functioning to produce a much more effective, taxpayer-friendly system.
(With PTI inputs)
