New Delhi: The Income Tax department said on Saturday that it is preparing to send messages to taxpayers who failed to disclose foreign assets held by them while filing their Income Tax returns. The last date for ITR Filing for the assessment year (AY) 2024-25 was July 31, 2024. The outreach is part of the Income Tax Department’s Compliance-Cum-Awareness Campaign for AY25.
Taxpayers are required to complete the Schedule Foreign Assets (Schedule FA) section as well as the Schedule FSI section in ITR forms. The Central Board of Direct Taxes (CBDT) will send SMSes and emails to taxpayers residing in India who have already filed their ITRs for AY25, according to an official statement.
Who is under tax department’s lens?
The I-T department has compiled a list of taxpayers whom they will message. The data was gathered under the provisions of bilateral and multilateral agreements from the Automatic Exchange of Information (AEOI), CBDT said. People will be contacted if they have been found to hold undeclared foreign accounts or assets. Taxpayers who received income from abroad will also be contacted by the tax department.
The CBDT has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in their ITRs.
➡️ As part of this campaign, informational messages will be…
— Income Tax India (@IncomeTaxIndia) November 16, 2024
To be sure, the Income Tax department is only reaching out to taxpayers to guide them with the tax filing process. There may have been forms that were left incomplete by taxpayers while filing their ITRs. Those who failed to complete the Schedule Foreign Assets in their ITRs, especially in cases related to high-value foreign assets, will be contacted by the I-T department.
Last date for ITR filing
The I-T department on October 26, 2024, notified that the last date for filing ITRs for AY25 under section 139(1) of the I-T Act has been extended to November 15, 2025, from October 31, 2024.
CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25.
✅The due date for assessees under clause (a) of Explanation 2 to Sub Section (1) of Section 139 has been extended from October 31, 2024, to November 15, 2024.
✅Circular No. 13/2024 dated… pic.twitter.com/rstiKeYCEA
— Income Tax India (@IncomeTaxIndia) October 26, 2024
ITR Filing: The Income Tax department will message and email taxpayers who failed to complete the Schedule of Foreign Assets in the ITR form related to declaration of wealth abroad or wealth drawn from abroad. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
