CBDT Launches Campaign to Help Taxpayers Report Foreign Assets and Income in AY 2024-25

The Central Board of Direct Taxes (CBDT) launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to help taxpayers accurately report foreign assets and income. This campaign focuses on assisting taxpayers in completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their Income Tax Returns (ITR). The initiative is part of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which mandates full disclosure of foreign assets and income. Informational messages will be sent via SMS and email to taxpayers identified through international agreements, reminding them to complete Schedule FA, especially in high-value cases. The campaign aligns with the government’s vision of Viksit Bharat and aims to simplify compliance using technology, reduce human interaction, and foster voluntary compliance. Taxpayers are encouraged to visit the Income Tax Department’s website for detailed guidance on completing Schedule FA.