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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 venture 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 help taxpayers in correctly ending Schedule Foreign Assets (Schedule FA) and reporting income from worldwide sources (Schedule FSI) of their ITR.
Information Delivery utilizing SMS and Email
In a declaration, CBDT claimed instructional messages will definitely be despatched out utilizing SMS and e-mail to resident taxpayers which have truly presently 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 beneath 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 operate is to advise and help those who may not have truly utterly completed Schedule Foreign Assets of their despatched ITR for AY 2024-25, notably in conditions entailing high-value worldwide possessions, it included.
Leveraging Data from AEOI
CBDT included that it’s leveraging data acquired with the Automatic Exchange of Information (AEOI) and the division is functioning to provide 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
