Fresh I-T push: 25k flagged for foreign assets, income; advised to review returns by Dec 31

NEW DELHI: The income taxation department has launched a caller run to nudge those with overseas assets oregon income to disclose details successful India. Initially, astir 25,000 high-risk cases volition beryllium targeted done SMS and e-mails, with the run projected to beryllium expanded mid-Dec to screen others, and amended the compliance ecosystem.The inaugural comes precisely a twelvemonth aft a akin determination led to astir 25,000 taxpayers disclosing Rs 29,000 crore overseas assets and income of Rs 1,090 crore.Following investigation of information for 2024, from different taxation jurisdictions, Central Board of Direct Taxes has identified high-risk cases successful which overseas assets look to exist, but person not been reported successful FY 2024-25 I-T returns, a connection said. ‘Second NUDGE’ to counsel radical to reappraisal their returns by Dec 31The “second NUDGE campaign” volition counsel taxpayers to reappraisal and revise their returns by Dec 31 to debar penal consequences.

“The run aims astatine facilitating close reporting successful Schedule Foreign Assets and Foreign Source Income (FSI) successful ITRs. Accurate & implicit disclosure of overseas assets and income is simply a statutory request nether the Income Tax Act, 1961, and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015,” CBDT said.The Black Money Act has prescribed punishment of Rs 10 lakh for non-disclosure of overseas assets isolated from taxation of 30% and punishment of 300% connected the taxable amount.

The income taxation section has assessed astir 1,080 cases, raising request of Rs 40,000 crore till June 2025.Searches were besides conducted successful Delhi, Mumbai & Pune, based connected information received connected investments successful Dubai, unearthing undisclosed overseas assets and income worthy respective hundreds of crores, an authoritative said. Tax officials said that arsenic portion of the campaign, ample companies whose employees person overseas assets and person not disclosed them are besides being onboarded to sensitise taxpayers. Industry bodies, Institute of Chartered Accountants of India, and different associations person been requested to make awareness.