Income Tax Campaign for Foreign Assets
The Income Tax Department’s campaign targets high-value foreign asset holders to enhance compliance for AY 2024-25. Spearheaded by the CBDT, it emphasizes accurate reporting in Schedules FA and FSI. Using Automatic Exchange of Information (AEOI), the initiative sends SMS and emails to taxpayers, promoting transparency and deterring tax evasion. While the campaign highlights India’s commitment to global tax norms, challenges remain in simplifying processes and raising awareness. Taxpayers are urged to review ITRs to avoid penalties and seek advice for complex reporting. The campaign strengthens financial transparency and aligns with international tax standards.
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