India Business Journal - Over 30,000 taxpayers declare foreign assets & income of over Rs 30,000 cr

MONEY

Over 30,000 taxpayers declare foreign assets & income of over Rs 30,000 cr

IBJ Bureau
Mar 07, 2025

Over 30,000 taxpayers have revised their Income Tax returns (ITRs) or filed belated returns and declared additional foreign assets and income of more than Rs 30,000 crore, government sources said on Thursday.

In line with its trust-first approach, the Central Board of Direct Taxes (CBDT) had on November 16 last year, launched an awareness campaign, under which messages were sent to taxpayers who had not disclosed high-value foreign income or assets in their ITRs for AY2024-25.

SMSes 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 requested taxpayers to revise their ITRs to reflect their foreign assets and income accurately.

Sources said 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed belated returns for AY2024-25, declaring foreign assets worth Rs 29,208 crore and additional foreign income of Rs 1,089.88 crore.

Sources said that about 62 per cent of nudged taxpayers responded positively, voluntarily revising their ITRs to declare foreign assets and income.

The number of taxpayers disclosing foreign assets and income on a voluntary basis has steadily grown from 60,000 in AY2021-22 to 2,31,452 taxpayers in AY2024-25.