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A “compliance - cum - awareness” campaign launched by the Central Board of Direct Taxes (CBDT) has prompted over 30,000 taxpayers to declare foreign assets worth over Rs 29,000 crore and additional overseas income of Rs 1,089.88 crore, government source said.
As part of the campaign, the tax authorities sent notices through emails and SMS to 19,501 taxpayers with high foreign account balances or significant foreign income from interest or dividends above a specified threshold.
Through these communications, the tax authorities asked taxpayers to revise their Income Tax Returns (ITRs) to reflect their foreign assets and income accurately. As a result, 6,734 taxpayers have revised their residential status from “Resident” to “ Non Reisdent.
A source underlined that the disclosure on additional income and assets by the taxpayers have been done without any intrusive actions. Nearly 62% of nudged taxpayers responded positively, voluntarily revising their ITRs to declare foreign assets and income.
The official said at the heart of this campaign lay the government’s “trust first” approach, which prioritises voluntary compliance over enforcement. “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 official added.
The CBDT had sent SMS and emails to 19,501 taxpayers with a high foreign account balance or significant foreign income from interest or dividend above a threshold, urging them to revise their ITRs for reporting foreign assets and income.
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