Tax Nudge Drives Rs 30,300 Cr Disclosure of Foreign Assets & Income

By siliconindia  |  Wednesday, 26 March 2025, 11:06:19 AM IST

Tax Nudge Drives Rs 30,300 Cr Disclosure of Foreign Assets & Income
Finance Minister Nirmala Sitharaman on Tuesday stated that over 30,000 taxpayers have updated their I-T returns or filed late returns and reported additional foreign assets and income of approximately Rs 30,300 crore. "We conducted a 'nudge' campaign wherein we prompted taxpayers to voluntarily report their Foreign Income and Assets. SMS and E-mails were sent to about 19,501 specified taxpayers requesting them to check their Income Tax Returns submitted for the 2024-25 on the basis of information available to Income Tax of foreign deposits etc", she said during Finance Bill 2025 in the Lok Sabha.
Due to the campaign, she informed that out of 19,501 taxpayers, a total of 11,162 taxpayers filed revised returns and filed Schedule Foreign Assets Form, reporting total assets of Rs 11,259.29 crores reporting foreign income of Rs 154.42 crore.
Apart from the above, she informed 883 taxpayers filed revised ITRs and rectified their status from resident to non-resident in the revised return for 2024-25.
Because of this outreach, there was a 'ripple effect', she added.
Another 13,516 taxpayers reported foreign assets of Rs 7,564 crore and foreign income of around Rs 353 crore in their updated ITR for 2024-25.
"Cumulatively, this small push led to reporting of foreign assets of Rs 29,208 crore and foreign income of Rs 1,089 crore (Rs 30,297 crore) in Schedule FA (foreign assets) by 30,161 taxpayers", she added.
Therefore, the nudge campaign regarding properties abroad has achieved satisfactory results with tax assessee reporting their properties and also collecting money owed to them, she said. 

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