{"id":176181,"date":"2024-11-16T10:53:14","date_gmt":"2024-11-16T10:53:14","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/16\/income-tax-department-launches-campaign-to-help-taxpayers-report-overseas-income-for-ay-2024-25-times-of-india\/"},"modified":"2024-11-16T10:53:14","modified_gmt":"2024-11-16T10:53:14","slug":"income-tax-department-launches-campaign-to-help-taxpayers-report-overseas-income-for-ay-2024-25-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/16\/income-tax-department-launches-campaign-to-help-taxpayers-report-overseas-income-for-ay-2024-25-times-of-india\/","title":{"rendered":"Income Tax department launches campaign to help taxpayers report overseas income for AY 2024-25 &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"400\" height=\"225\" src=\"https:\/\/i0.wp.com\/static.toiimg.com\/thumb\/msid-115358989,imgsize-678557,width-400,resizemode-4\/115358989.jpg?resize=400,225&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Income Tax department launches campaign to help taxpayers report overseas income for AY 2024-25 &#8211; Times of India\" title=\"Income Tax department launches campaign to help taxpayers report overseas income for AY 2024-25 &#8211; Times of India\" \/><\/div><p> <br \/>\n<\/p>\n<div data-articlebody=\"1\">\n<div class=\"_s30J clearfix  \">\n<div class=\"MwN2O\">\n<div class=\"T22zO\">\n<section class=\"D3Wk1  clearfix id-r-component leadmedia undefined undefined  VtlfQ\" style=\"top:0px\">\n<div class=\"D3Wk1\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">\n<div class=\"zPaFh\">\n<div class=\"wJnIp\"><\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<p>The Income Tax department has initiated a new campaign to contact taxpayers who have failed to report substantial <!-- -->overseas income<!-- --> or assets in their ITRs for AY 2024-25. <br \/> The Compliance-Cum-Awareness Campaign launched by the Central Board of Direct Taxes (<!-- -->CBDT<!-- -->) for Assessment Year 2024-25 will allow taxpayers in properly filling out Schedule <!-- -->Foreign Assets<!-- --> and reporting income from foreign sources in their income tax returns.<br \/>The CBDT announced that they will communicate through SMS and email with resident taxpayers who have submitted their ITRs for AY 2024-25. These notifications target individuals who have been identified through information obtained via bilateral and multilateral agreements, indicating their potential ownership of foreign accounts, assets, or receipt of income from overseas jurisdictions.<br \/>The initiative aims to provide reminders and guidance to those who may have incompletely filled Schedule Foreign Assets in their submitted ITR for AY 2024-25, particularly concerning high-value foreign assets.<br \/>The CBDT stated that by implementing technology and utilising data received through the Automatic Exchange of Information, the department strives to establish a more effective and user-friendly system.<\/div>\n<\/div>\n<p><script>\nvar _mfq = window._mfq || [];\n_mfq.push([\"setVariable\", \"toi_titan\", window.location.href]);\n!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n         function setAttributes() {\n                    var prime_user_status = window.isPrime ? 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The Compliance-Cum-Awareness Campaign launched by the Central Board of Direct Taxes (CBDT) for Assessment Year 2024-25 will allow taxpayers in properly filling out Schedule Foreign Assets and [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":176182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static.toiimg.com\/thumb\/msid-115358989,imgsize-678557,width-400,resizemode-4\/115358989.jpg","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[2243,7933,7403,137827,7402,273,137826,4656,20084,137825,61,301,25865,7389,272],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/176181"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=176181"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/176181\/revisions"}],"predecessor-version":[{"id":176183,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/176181\/revisions\/176183"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/176182"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=176181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=176181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=176181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}