India: Compliance campaign for disclosure of foreign assets and income
The campaign aims to guide taxpayers who have high-value foreign assets that may not have been fully disclosed in their income tax return.
The Central Board of Direct Taxes (CBDT) launched a Compliance-Cum-Awareness Campaign for the assessment year (AY) 2024-2025 for resident taxpayers to appropriately report “schedule foreign assets” (Schedule FA) and report “income from foreign sources” (Schedule FSI) on their income tax returns.
The campaign aims to guide taxpayers who have high-value foreign assets that may not have been fully disclosed in their income tax return.
Such taxpayers may consider revising the income tax return on or before December 31, 2024 (i.e., the due date for filing the revised income tax return for the AY 2024-2025) to accurately disclose all foreign assets and income and claim eligible tax reliefs.
Read a November 2024 report prepared by the KPMG member firm in India