The tax authority is stepping up efforts to uncover undisclosed foreign income and assets, sending notices to taxpayers who may have under-reported their holdings.

The Central Board of Direct Taxes (CBDT) has launched a compliance campaign for the 2024-25 assessment year, sending text and email notices to individuals who hold foreign accounts or assets, or have received income from foreign jurisdictions.

The individuals have been identified with the help of information received through bilateral and multilateral agreements.

The agency is urging taxpayers to review their filings and ensure full compliance with the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which mandates disclosure of foreign assets and income.

The campaign will assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their income tax returns (ITR).

In a statement, CBDT said messages will be sent via SMS and email to resident taxpayers who have already submitted their ITRs for AY 2024-25.

The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitted ITR for AY 2024-25, especially in cases involving high-value foreign assets.

By using technology and leveraging data obtained through the Automatic Exchange of Information (AEOI), the department is working to create a more efficient and taxpayer-friendly system, CBDT said.

Taxpayers who have questions or require assistance can refer to the official income tax department website for guidance.

India has been increasingly focusing on tax compliance and has implemented various measures to curb tax evasion, including the Black Money Act. The government is participating in international efforts to combat illicit financial flows.

The latest compliance campaign is part of the government’s broader efforts to strengthen tax administration and enhance tax revenue collection.