Government sources said more than 30,000 taxpayers have revised their IT returns, filed late returns, and declared additional foreign assets and income of more than Rs 30,000. In line with the “trust first” approach, the Central Direct Tax Commission (CBDT) launched an awareness campaign on November 16th last year, sent to taxpayers who have not disclosed high-value foreign income or assets in the ITR of AY 2024-25.
SMS and emails were sent to 19,501 taxpayers with foreign account balances or significant foreign income from interest or dividends above the specified threshold.
These communications required taxpayers to amend their income tax returns (ITRs) to accurately reflect their foreign assets and income.
Sources say 24,678 taxpayers have considered ITRS, with 5,483 taxpayers submitting late returns to 2024-25, declaring foreign assets worth Rs 29,208 trillion and additional foreign income of 1,089.88 crore.
Additionally, 6,734 taxpayers have revised their residence status from residents to non-residents.
According to sources, approximately 62% of Nudged’s taxpayers responded proactively and voluntarily revised their ITR to declare foreign assets and income.
The number of taxpayers voluntarily disclose foreign assets and income has steadily increased from 60,000 in 2021-22 to 2,31,452 taxpayers in 2024-25.
This year, due to extensive outreach and awareness efforts, voluntary disclosure witnessed a significant growth of 45.17% compared to AY 2023-24.
