New Delhi, November 16 (IANS). To help taxpayers, the government on Saturday launched the Compliance cum Awareness campaign for assessment year 2024-25.
The campaign being run by the Central Board of Direct Taxes (CBDT) will help taxpayers to correctly fill Schedule Foreign Assets (Schedule FA) and report income from foreign sources (Schedule FSI) in their income tax returns.
According to the Finance Ministry, 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 full disclosure of foreign assets and income.
Under this campaign, informational messages will be sent via SMS and email to taxpayers who have already submitted their ITR for assessment year 2024-25.
These messages are for individuals identified through information obtained under bilateral and multilateral agreements, which suggests that they may have foreign accounts or assets, or have received income from foreign jurisdictions.
“This is intended to remind and guide those who have not fully filled Schedule Foreign Assets in their furnished ITR for assessment year 2024-25,” the government said.
CBDT said it encourages all eligible taxpayers to avail this opportunity to fulfill their tax responsibilities and contribute to the economic growth of the country.
“This effort is not only in line with the government’s vision for a developed India, but also promotes a culture of transparency, accountability and voluntary compliance,” it said.
By leveraging data obtained through automated exchange of information, the department is working to create a more efficient, taxpayer-friendly system.
Meanwhile, the number of individuals declaring annual income of more than Rs 50 lakh in India is set to increase to more than 9.39 lakh in 2023-24, five times compared to 1.85 lakh in 2013-14.
The efficiency of the Income Tax Department has increased rapidly in the last decade and refunds from direct tax collections have crossed the Rs 2 lakh crore mark in the financial year 2024-25.
According to the data, direct tax collections in the current financial year (April 1 to September 17) stood at Rs 9.95 lakh crore, which is 16.12 percent higher than the same period last year.
–IANS
SKT/AKJ
