What is the purpose of the Compliance-Cum-Awareness Campaign?

To encourage taxpayers to accurately report their foreign income and assets in their ITR as per the Black Money Act, 2015.

What is Schedule FA and Schedule FSI used for?

Schedule FA is for reporting foreign assets, and Schedule FSI is for declaring income sourced from foreign countries.

How does the Automatic Exchange of Information (AEOI) help in this campaign?

AEOI provides data to identify discrepancies in taxpayers' foreign income and asset reporting.

Who is the target audience for this campaign?

Taxpayers with foreign income, assets, overseas employment, or high-value cases flagged by international agreements.

Where can taxpayers find guidance for reporting foreign income and assets?

Detailed instructions are available on the official Income Tax Department website: www.incometax.gov.in.

What is the purpose of the Compliance-Cum-Awareness Campaign?

To encourage taxpayers to accurately report their foreign income and assets in their ITR as per the Black Money Act, 2015.

What is Schedule FA and Schedule FSI used for?

Schedule FA is for reporting foreign assets, and Schedule FSI is for declaring income sourced from foreign countries.

How does the Automatic Exchange of Information (AEOI) help in this campaign?

AEOI provides data to identify discrepancies in taxpayers' foreign income and asset reporting.

Who is the target audience for this campaign?

Taxpayers with foreign income, assets, overseas employment, or high-value cases flagged by international agreements.

What is Schedule FA and Schedule FSI used for?

Schedule FA is for reporting foreign assets, and Schedule FSI is for declaring income sourced from foreign countries.

How does the Automatic Exchange of Information (AEOI) help in this campaign?

AEOI provides data to identify discrepancies in taxpayers' foreign income and asset reporting.

Who is the target audience for this campaign?

Taxpayers with foreign income, assets, overseas employment, or high-value cases flagged by international agreements.

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CBDT Launches Awareness Campaign For Reporting Foreign Assets And Income For AY 2024-25

Alankar Mishra

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Updated: 28-01-2025 at 7:20 AM

CBDT Launches Awareness Campaign For Reporting Foreign Assets And Income For AY 2024-25

Keeping in view the compliance with tax laws, CBDT has introduced a Compliance-Cum-Awareness Campaign for the Assessment Year 2024-25. This government initiative aims to help taxpayers report their foreign income and assets properly in their Income Tax Return (ITR). It coincides with the government’s intention to enhance economic accountability as demanded by the Black Money Act of 2015.

Major Highlights Of The Campaign

The major highlights of this government program called the Compliance-Cum-Awareness Campaign are as follows:.

Focus on Accurate Reporting

Taxpayers are encouraged to fill in the correct:

Use Schedule Foreign Assets (Schedule FA) for declarations concerning foreign assets.
There is the Schedule Foreign Source Income (Schedule FSI) for income that has been sourced from a foreign country.

Why Does This Campaign Matter?

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015: This initiative complies with this act, which aims to get full disclosure of foreign income and assets to eradicate tax evasion.

Target Audience

The campaign targets taxpayers identified through data from:

Bilateral and multilateral agreements, employment abroad or having a business abroad, plans to emigrate, having services overseas or relatives abroad.
Examples of income from other countries.

High-Value Cases

Particularly close attention is paid high-value cases to make taxpayers remember their duties and failures to perform them, including accidental ones.

How the Campaign Works?

The below-mentioned points showcase the detailed overview of the workflow of this campaign:-

Use of Technology

Use information and technology generated by the Automatic Exchange of Information (AEOI) framework to identify potential discrepancies.
Informative messages to the resident taxpayers in their registered mobile numbers especially those who have filed ITR for AY 2024-25.

Simplifying Compliance

The Income Tax Department simplifies the reporting process to:

Reduce human interaction.
Maintain conditions favourable for the taxpayer.
Promote voluntary compliance.

Accessing Guidance

Taxpayers can access

Step-by-step instructions for completing Schedule FA on the official Income Tax Department website: www.incometax.gov.in.

Aligning With The Vision Of “Viksit Bharat”

This campaign is part of the government’s larger vision of a Developed India (Viksit Bharat) by promoting:

Transparency.
Accountability.
Responsible tax practices.

Conclusion

The awareness campaign run by the CBDT suggests its intention to make compliance easy and at the same time, ensure the right declaration of foreign assets and income. The common public is encouraged to avail of this chance and pay the taxes rightfully and towards the growth of the country’s economy and for the development of tax revenues.

For any queries or to share your opinions, visit the community page of Jaagruk Bharat.

Government Sources

Official Website

Frequently Asked Questions