Disclose overseas earnings precisely: I-T division kicks off marketing campaign | India Information

NEW DELHI: The earnings tax division has launched a compliance and consciousness marketing campaign to assist taxpayers precisely report any earnings from overseas sources of their tax returns and in addition declare their abroad property. This compliance is necessary below the Black Cash (Undisclosed Overseas Revenue and Belongings) and Imposition of Tax Act, 2015, which requires the total disclosure of overseas property and earnings, the division mentioned.
As a part of the marketing campaign, the division will ship messages by way of SMS and e mail to resident taxpayers who’ve already submitted their tax returns for 2024-25 evaluation yr. These messages are meant for people recognized by way of info acquired below bilateral and multilateral agreements, suggesting that they could maintain overseas accounts or property, or have acquired earnings from overseas jurisdictions.
“The aim is to remind and information those that could not have totally accomplished ‘Schedule’ overseas property of their submitted ITRs for AY 2024-25, particularly in circumstances involving high-value overseas property,” says a press release issued by the I-T division.
It mentioned that the initiative aligns with the imaginative and prescient of Viksit Bharat and highlights the tax division’s dedication to utilizing know-how to simplify taxpayer compliance and scale back human interplay. “By leveraging information obtained by way of Automated Trade of Data (AEOI), the division is working to create a extra environment friendly, taxpayer-friendly system,” it added.
The Revenue-Tax Act, requires residents to reveal their overseas property and earnings of their tax returns. Schedule FA (Overseas Belongings) within the ITR kind is supposed for reporting overseas property, and Schedule FSI (Overseas Supply Revenue) is for reporting earnings from overseas sources.
Taxpayers can declare tax aid on taxes paid overseas by submitting Schedule TR (tax aid).
Failure to reveal overseas property and earnings can appeal to stringent penalties and prosecutions below the Black Cash (Undisclosed Overseas Revenue and Belongings) and Imposition of Tax Act, 2015. It’s essential for taxpayers to adjust to these rules to keep away from authorized penalties, the division mentioned.