Business

Nudge Campaign Encourages Taxpayers To Declare Foreign Assets; Results In Rs 30,300 Crore Disclosure

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.

Also Read: India Develops First Indigenous MRI Machine For AIIMS Delhi

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.

Richa Kaushik

Recent Posts

Punjab’s Litchis Reach Middle East Markets In Boost To India’s Fruit Exports

In a step towards diversifying India’s horticultural exports, Punjab has successfully shipped its first consignment…

21 mins ago

Dalal Street Sees Strong Activity Of IPOs In June As Market Sentiment Improves

India’s primary market experienced a surge in activity in June 2025 as investor sentiment toward…

1 hour ago

ITC’s Non-Cigarette FMCG Business Sees ₹34,000 Crore Consumer Spend In FY25

Consumers spent over ₹34,000 crore on ITC’s non-cigarette fast-moving consumer goods (FMCG) products in the…

1 hour ago

Montana Delegation Praises ‘Magical’ Experience During Study Visit To India

A ten-member delegation from the US state of Montana, comprising seven high school students and…

2 hours ago

India Poised To Outpace G7 Peers, Says PHDCCI Study On G7‑India Collaboration

India will continue to expand faster than any G7 economy over the rest of this…

2 hours ago

Morgan Stanley Maintains Bullish Outlook On Indian Equities For Q3 FY26

Global brokerage firm Morgan Stanley has expressed continued optimism about Indian equity markets heading into…

2 hours ago