New Delhi: In a bid to help taxpayers, the government on Saturday launched a compliance-cum-awareness campaign for the assessment year (AY) 2024-25.
The campaign by the Central Board of Direct Taxes (CBDT) will assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their income tax returns (ITR).
According to the Ministry of Finance, compliance with Schedule FA and FSI is mandatory under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which requires the full disclosure of foreign assets and income.
As part of this campaign, informational messages will be sent via SMS and email to resident taxpayers who have already submitted their ITR 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,” said the government.
The CBDT said it all eligible taxpayers to take advantage of this opportunity to fulfil their tax responsibilities and contribute to the nation’s economic development.
“This effort not only is in line with the government’s vision for a developed India but also fosters a culture of transparency, accountability, and voluntary compliance,” it added.
By leveraging data obtained through the Automatic Exchange of Information (AEOI), the department is working to create a more efficient, taxpayer-friendly system.
Meanwhile, the number of individuals declaring an annual income of over Rs 50 lakh in India has shot up to over 9.39 lakh in 2023-24, marking a five-fold surge from 1.85 lakh in 2013-14.
The income tax department’s efficiency has rapidly increased in the last decade as refunds out of direct tax collection crossed the Rs 2 lakh mark in the financial year (FY) 2024-25.
According to the data, direct tax collection in the current financial year (from April 1 to September 17) was Rs 9.95 lakh crore, up 16.12 per cent compared to the same period last year.
(IANS)
