Over 30,000 taxpayers declare foreign assets worth Rs 29,208 crore
The Department had also started an e-campaign in the next few days to facilitate filing of details of foreign assets and income by taxpayers.
Over 30,000 taxpayers declared foreign assets worth more than Rs 29,000 crore after a special nudge campaign by the Income Tax Department that began in November 2024, government sources said. About 24,678 taxpayers reviewed their income tax returns (ITRs) and 5,483 taxpayers filed belated returns for assessment year 2024-25, declaring foreign assets worth Rs 29,208 crore and additional foreign income of Rs 1,089.88 crore, they said.
In addition, 6,734 taxpayers revised their residential status from resident to non-resident. Around 62 per cent of nudged taxpayers responded positively, voluntarily revising their ITRs to declare foreign assets and income, sources said.
In November last year, citing compliance with global disclosure norms, the Income Tax Department had urged them to disclose details of foreign assets and income correctly in their income tax returns and file revised returns by December 31, if there was a requirement to update the information. The Department had also started an e-campaign in the next few days to facilitate filing of details of foreign assets and income by taxpayers.
“The number of taxpayers disclosing foreign assets and income on a voluntary basis has steadily grown from 60,000 in AY 2021-22 to 2,31,452 taxpayers in AY 2024-25. This year, due to extensive outreach and awareness efforts, voluntary disclosures witnessed a significant 45.17 per cent growth compared to AY 2023-24,” a source said, adding that the focus is on the ‘Trust First’ approach.
“Instead of immediate verification or intrusive actions, the Department has trusted taxpayers first, giving them ample opportunity to make true and complete disclosures of their foreign income and assets,” the source said.
Under the campaign, SMS and emails were sent to 19,501 taxpayers with high foreign account balances or significant foreign income from interest or dividends above a specified threshold. These communications urged taxpayers to revise their ITRs to reflect their foreign assets and income accurately. Also, 30 outreach sessions, seminars, and webinars were conducted across the country.
In September 2024, India received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividends earned outside India.
Under Common Reporting Standard (CRS), India has been exchanging information with 125 countries since 2018 for the calendar year 2016 and onwards. It receives detailed information about financial accounts held by its residents in foreign jurisdictions, which includes account holder’s name, address, and tax identification number (TIN), account number and balance, income details such as interest, dividends, and other financial proceeds. since 2018 for the calendar year 2016 and onwards. A similar exchange occurs with the USA under the Inter-Governmental Agreement in line with the Foreign Accounts Tax Compliance Act (FATCA), 2010.
Over 30,000 taxpayers declared foreign assets worth more than Rs 29,000 crore after a special nudge campaign by the Income Tax Department that began in November 2024, government sources said. About 24,678 taxpayers reviewed their income tax returns (ITRs) and 5,483 taxpayers filed belated returns for assessment year 2024-25, declaring foreign assets worth Rs 29,208 crore and additional foreign income of Rs 1,089.88 crore, they said.
In addition, 6,734 taxpayers revised their residential status from resident to non-resident. Around 62 per cent of nudged taxpayers responded positively, voluntarily revising their ITRs to declare foreign assets and income, sources said.
In November last year, citing compliance with global disclosure norms, the Income Tax Department had urged them to disclose details of foreign assets and income correctly in their income tax returns and file revised returns by December 31, if there was a requirement to update the information. The Department had also started an e-campaign in the next few days to facilitate filing of details of foreign assets and income by taxpayers.
“The number of taxpayers disclosing foreign assets and income on a voluntary basis has steadily grown from 60,000 in AY 2021-22 to 2,31,452 taxpayers in AY 2024-25. This year, due to extensive outreach and awareness efforts, voluntary disclosures witnessed a significant 45.17 per cent growth compared to AY 2023-24,” a source said, adding that the focus is on the ‘Trust First’ approach.
“Instead of immediate verification or intrusive actions, the Department has trusted taxpayers first, giving them ample opportunity to make true and complete disclosures of their foreign income and assets,” the source said.
Under the campaign, SMS and emails were sent to 19,501 taxpayers with high foreign account balances or significant foreign income from interest or dividends above a specified threshold. These communications urged taxpayers to revise their ITRs to reflect their foreign assets and income accurately. Also, 30 outreach sessions, seminars, and webinars were conducted across the country.
In September 2024, India received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividends earned outside India.
Under Common Reporting Standard (CRS), India has been exchanging information with 125 countries since 2018 for the calendar year 2016 and onwards. It receives detailed information about financial accounts held by its residents in foreign jurisdictions, which includes account holder’s name, address, and tax identification number (TIN), account number and balance, income details such as interest, dividends, and other financial proceeds. since 2018 for the calendar year 2016 and onwards. A similar exchange occurs with the USA under the Inter-Governmental Agreement in line with the Foreign Accounts Tax Compliance Act (FATCA), 2010.
