Understanding the CBDT’s Compliance Campaign for AY 2024-25: Let eTaxMentor Guide You Every Step of the Way

The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign to help taxpayers accurately complete Schedule Foreign Assets (FA) and Schedule Foreign Source Income (FSI) in their Income Tax Returns (ITR) for the Assessment Year (AY) 2024-25.

For taxpayers with foreign assets or foreign income, it’s crucial to disclose everything fully under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act (2015). To make this process easy, eTaxMentor is here to guide you at every step of your tax filing journey.

Why Is This Campaign Important?

1. Mandatory Disclosure:
   The Black Money Act requires every taxpayer to report foreign assets and income. Non-compliance can lead to severe penalties.
2. Data-Driven Notifications:
   Income Tax Board (CBDT), using Automatic Exchange of Information (AEOI) agreements, identifies taxpayers with foreign accounts, investments, or income. Taxpayers may receive SMS and email alerts to ensure proper filing.
3. Simplified Filing with eTaxMentor:
   Don’t worry if you find the process complicated. eTaxMentor’s expert team simplifies tax compliance for you, ensuring error-free and timely filings.

What Are Schedule FA & FSI?

Schedule FA (Foreign Assets):

This is where you declare foreign assets like bank accounts, properties, and investments.

Asset Type	Description	Country	Value
Bank Account	Current account in XYZ Bank	USA	$50,000
Property	Residential Property	UK	£200,000
Foreign Investment	Stocks in ABC Ltd.	Germany	€30,000

Schedule FSI (Foreign Source Income):

Here, you report income earned from foreign sources like salary, business profits, or investments.

Income Source	Description	Country	Amount
Salary	Employed with XYZ Corp.	USA	$40,000
Interest Income	Interest from a foreign bank	Singapore	$5,000
Business Income	Income from a foreign LLC	Canada	$25,000

With eTaxMentor, we’ll help you gather and organize the required information for these schedules, making the filing process smooth and stress-free.

Key Dates:

– For Revised Returns

Taxpayers can correct errors or omissions in their original return:

• For FY 2023-24 (AY 2024-25): Last date is 31st December 2025.
• For FY 2022-23 (AY 2023-24): Possible under ITR U.
• For FY 2021-22 (AY 2022-23): Possible under ITR U.

– Updated Returns (ITR U)

Taxpayers can voluntarily disclose missed income or assets:

• For FY 2023-24 (AY 2024-25): From 1st April 2025 to 31st March 2027.
• For FY 2022-23 (AY 2023-24): From 1st April 2024 to 31st March 2026.
• For FY 2021-22 (AY 2022-23): From 1st April 2023 to 31st March 2025.

Missing a deadline can be costly. Let eTaxMentor keep track of these dates for you, so you never miss an important filing.

How eTaxMentor Simplifies Compliance

1. Personalized Assistance:
   We help you gather information about your foreign assets and income, ensuring you have everything you need for accurate reporting.
2. Expert Filing Support:
   Struggling with forms like Schedule FA and Schedule FSI? Our tax experts will fill them out for you, error-free.
3. Avoid Penalties:
   By ensuring complete and accurate filing, we help you avoid hefty penalties under the Black Money Act.
4. Timely Filing:
   Our reminders and alerts will ensure you meet all filing deadlines without the last-minute rush.
5. Transparent Guidance:
   We provide clear explanations of tax laws and obligations, empowering you to make informed decisions.

Steps to File Your ITR with eTaxMentor

1. Upload Your Documents:
   Share details about your foreign assets and income securely with our platform.
2. Schedule FA & FSI Completion:
   Our experts will fill out the schedules accurately, ensuring compliance with the latest regulations.
3. Review and File:
   Review the prepared ITR and submit it with our assistance.
4. Post-Filing Support:
   Need help after filing? We’re here to guide you on rectifications or updates, if required.

Why Choose eTaxMentor?

• Hassle-Free Filing: We take care of everything—from document collection to filing your ITR.
• Expert Team: Our tax professionals have years of experience handling complex filings.
• Secure Process: Your data is safe with us, and we ensure complete confidentiality.
• Cost-Effective Services: We offer premium guidance at affordable rates.

Stay Compliant, Stay Stress-Free

The CBDT’s Compliance Campaign is a great opportunity to ensure your tax filings are accurate and up to date. With eTaxMentor by your side, you can rest assured that your foreign assets and income will be reported correctly, and penalties will be a thing of the past.

📩 Contact eTaxMentor Today
Need help filing your ITR for AY 2024-25? Reach out to eTaxMentor for personalized guidance, expert support, and stress-free compliance.

👉 Visit eTaxMentor to get started now!

Make this tax season easy and compliant with eTaxMentor—your trusted tax filing partner.