Finance Minister Nirmala Sitharaman announced on Tuesday that over 30,000 taxpayers have revised their income tax returns (ITRs) or filed belated returns, revealing additional foreign assets and income totaling about Rs 30,300 crore.
The initiative, part of a ‘nudge’ campaign, aimed to encourage taxpayers to voluntarily disclose foreign income and assets.
Taxpayers Respond To Outreach Efforts
As part of the campaign, the Income Tax Department sent SMS and email notifications to around 19,501 selected taxpayers, urging them to review their ITRs for the fiscal year 2024-25.
The communications further prompted taxpayers to assess their foreign deposits and other financial assets.
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Of the 19,501 targeted taxpayers, 11,162 revisited their returns, filling out the Schedule Foreign Assets Form and disclosing foreign assets worth Rs 11,259.29 crore, along with foreign income amounting to Rs 154.42 crore.
Revisions And Additional Declarations
In addition, 883 taxpayers updated their ITRs, changing their status from resident to non-resident for the 2024-25 year.
Sitharaman further highlighted that the campaign had a ‘ripple effect’, encouraging further disclosures.
The initiative resulted in an additional 13,516 taxpayers declaring foreign assets valued at Rs 7,564 crore and foreign income of approximately Rs 353 crore.
“Cumulatively, the campaign led to the declaration of foreign assets worth Rs 29,208 crore and foreign income of Rs 1,089 crore, totaling Rs 30,297 crore,” said the Finance Minister.
Positive Outcomes For Tax Compliance
Sitharaman further concluded that the nudge campaign, which focused on prompting taxpayers to disclose overseas property and income, had yielded positive results, with many tax assessees not only revealing their foreign assets but also settling any outstanding dues.
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