Income Tax department launches campaign to help taxpayers report overseas income for AY 2024-25
Published On : 2024-11-16T17:05:00+0530 [ IST ] |
Author : Mayur_Tembhare
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The Income Tax Department has initiated a new campaign to contact taxpayers who have failed to report substantial overseas incomeor assets in their ITRs for AY 2024-25.
The Compliance-Cum-Awareness Campaign launched by the Central Board of Direct Taxes (CBDT) for the Assessment Year 2024-25 will allow taxpayers to fill out ScheduleForeign Assets and report income from foreign sources in their income tax returns.
The CBDT announced that they will communicate via SMS and email with resident taxpayers who have submitted their ITRs for AY 2024-25. These notifications target individuals who have been identified through information obtained via bilateral and multilateral agreements indicating their potential ownership of foreign accounts
The initiative aims to provide reminders and guidance to those who may have incompletely filled Schedule Foreign Assets in their submitted ITR for AY 2024-25 particularly concerning high-value foreign assets.
The CBDT stated that by implementing technology and utilising data received through the Automatic Exchange of Information the department strives to establish a more effective and user-friendly system.
Source : Reporters From Sunrise Chronicles
Tags : These , Assetsand , informationnotifications target individuals , assetsscheduleforeign assetsand reporting income , 2024incompletely filled schedule foreign assets , Awareness Campaign , taxincome tax returns , Direct Taxes , cbdtvalue foreign assets , The ,
Summary :
The Income Tax Department has initiated a new campaign to contact taxpayers who have failed to report substantial overseas incomeor assets in their ITRs for AY 2024-25.
The Compliance-Cum-Awa
