CBDT Drive
Govt campaign sees 30,161 taxpayers declare INR 292-bln in foreign assets
This story was originally published at 18:23 IST on 6 March 2025
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NEW DELHI – The Compliance-Cum-Awareness campaign of the Central Board of Direct Taxes, aimed at encouraging voluntary disclosure of foreign wealth and income, led 30,161 taxpayers to declare offshore assets worth INR 292.08 billion and additional income of INR 10.90 billion, government sources said Thursday.
CBDT launched the compliance initiative on Nov. 17, urging taxpayers to voluntarily disclose foreign assets and income in revised Income Tax Returns after the government received information in September last year regarding foreign accounts and income in the form of interest and dividends earned outside India in 108 countries.
According to sources, India as an early adopter of Common Reporting Standards – which allows sharing of financial information across jurisdictions on an automated basis – has been receiving data since 2018 for the calendar year 2016 onwards. Details of individuals shared by over 125 countries include accounts held, account balances, dividends, interest received, and gross payments.
Based on the input received, the government had nudged multiple taxpayers, with 62% taxpayers responding positively and thereby revising their return details to declare offshore assets and income, sources said. The number of taxpayers disclosing foreign assets and income on a voluntary basis has steadily grown from 60,000 in assessment year 2021-22 (Apr-Mar) to 231,452 taxpayers in assessment year 2024-25. "This year, due to extensive outreach and awareness efforts, voluntary disclosures witnessed a significant 45.17% growth compared to AY 2023-24," sources added. End
Reported by Priyasmita Dutta
Edited by Ashish Shirke
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