Undeclared foreign assets? Taxmen are here to help you

The income tax department on Saturday said it has launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 2024-25.

The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 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).

In a statement, CBDT said informational messages will be sent via SMS and email to resident taxpayers who have already submitted their ITRs for AY 2024-25.

These messages are intended for individuals identified through information received under bilateral and multilateral agreements, suggesting that they may hold foreign accounts or assets, or have received income from foreign jurisdictions.

The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitted ITR for AY 2024-25, especially in cases involving high-value foreign assets, it added.

By using technology and leveraging data obtained through the Automatic Exchange of Information (AEOI), the department is working to create a more efficient, taxpayer-friendly system, CBDT said.