CBDT Issues Advisory on Enhancing Tax Transparency in Foreign Assets & Income under CRS/FATCA

The CBDT issued a detailed advisory urging taxpayers to fully disclose their foreign assets and income under the Common Reporting Standard (CRS) and FATCA. Taxpayers are guided to fill out Schedules FA (Foreign Assets), FSI (Foreign Source Income), and TR in their ITRs, and are allowed to file revised returns to correct prior omissions. The advisory highlights that non-compliance could attract penalties under the Black Money (Undisclosed Foreign Income and Assets) Act. It underlines India’s commitment to global tax transparency, leveraging data exchange mechanisms, and facilitating voluntary compliance through a “trust-first” approach. (Income Tax Department)