The CBDT has launched a campaign to enhance foreign asset reporting and simplify tax compliance for resident taxpayers who filed their ITRs for AY 2024-25. Notifications will be sent to individuals flagged for foreign accounts or income, particularly those with high-value assets who may have overlooked Schedule FA.This initiative utilizes the Automatic Exchange of Information (AEOI) framework to promote transparency and voluntary compliance, reflecting the Income Tax Department's commitment to leveraging technology for a more efficient and taxpayer-friendly system.
