30kCr taxpayer Revise ITR & Disclosed Foreign Assets, Income

30k Cr taxpayers Revised their ITR & Disclosed Foreign Assets, Income

• In November 2024, the CBDT initiated a Compliance-Cum-Awareness Campaign for AY 2024-25. This campaign aimed to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in their ITR. Compliance with these schedules is mandatory under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which requires full disclosure of foreign assets and income.
• As part of the campaign, informational messages were sent via SMS and email to resident taxpayers who had already submitted their ITRs for AY 2024-25. These messages targeted individuals identified through information received under bilateral and multilateral agreements, suggesting they may hold foreign accounts or assets, or have received income from foreign jurisdictions. The purpose was to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitted ITRs, especially in cases involving high-value foreign assets.
• While specific figures regarding the number of Income Tax taxpayers who revised their returns or the total amount of additional foreign assets and income declared have not been publicly disclosed, the campaign underscores the Tax Dept commitment to using technology to simplify taxpayer compliance and reduce human interaction. By leveraging data obtained through the Automatic Exchange of Information, the department aims to create a more efficient, taxpayer-friendly system.
• Income Tax Taxpayers are encouraged to utilize resources and support available on the official Tax Dept website to ensure accurate reporting of foreign assets and income. This initiative aligns with the government’s vision for a developed India, fostering a culture of transparency, accountability, and voluntary compliance.
• CBDT 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 AY 2024-25. Over 30,000 taxpayers have revised their I-T returns or filed belated returns and declared additional foreign assets and income of more than Rs 30k crore.