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I-T Dept to nudge taxpayers to come clean on foreign wealth
I-T Dept to nudge taxpayers to come clean on foreign wealth; ₹30,000 crore disclosed in previous drive
New Delhi: The income tax department will launch a campaign on Friday, nudging approximately 25,000 high-risk assessees to come clean about their undisclosed foreign income and assets that the tax authority has come to know about, following a similar previous drive that led to the disclosure of over ₹30,000 crore in foreign income and assets.
Central Board of Direct Taxes (CBDT), the apex direct tax policy-making body, said on Thursday that it will send text messages and emails to identified taxpayers, advising them to voluntarily review and revise their tax returns before the end of December to avoid penalties.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act of 2015 provides for a penalty of ₹10 lakh for non-disclosure of foreign assets, in addition to a tax of 30% and a penalty of 300% on the tax payable.
The first such campaign, launched in November 2024, targeted select taxpayers who were flagged by foreign tax jurisdictions as asset holders but had not disclosed the same in their income tax returns in India for the assessment year 2024-25.
“The initiative yielded positive outcomes, with 24,678 taxpayers (including several not directly nudged) revisiting their returns and disclosing foreign assets amounting to ₹29,208 crore, along with foreign-source income of ₹1,089.88 crore,” CBDT said.
Under the law, those who have not disclosed their foreign income and assets on their income tax return have until the end of December to revise their tax returns. Assessees are required to disclose foreign assets and income, as well as any tax relief claimed under the double tax avoidance agreement between India and the country in which the assets are located.
The tax authority will initially select about 25,000 high-risk cases and reach out to them, a person familiar with the development said on condition of anonymity. The CBDT found that certain high-risk cases, where foreign assets appear to exist, have not been reported in the income tax returns filed for the assessment year 2025-26.
Planning ahead
In the second phase, starting mid-December, the Nudge campaign would be expanded to cover other cases as well, aiming to improve the compliance ecosystem, the person said. Nudge stands for ‘Non-intrusive Usage of Data to Guide and Enable.'“Big corporations, the employees of which have foreign assets and have not disclosed, are also being onboarded to sensitise taxpayers. Industry bodies, the Institute of Chartered Accountants of India (ICAI) and associations have also been requested to create awareness,” said the person.
Experts said India has long struggled with capital flight and unreported offshore wealth. The income tax department's insistence on complete and accurate disclosure of foreign assets and income is grounded in legitimate goals of curbing tax evasion, expanding the tax base and enhancing India's economic reputation, said Sandeepp Jhunjhunwala, partner, Nangia Group, a business consulting firm.
“Comprehensive foreign asset disclosure is also a by-product of India's commitments to global transparency frameworks such as the OECD's common reporting standard, which compel the country to demonstrate that it can both request and provide credible financial information,” said Jhunjhunwala. The Organisation for Economic Co-operation and Development is a network of 38 member countries.
For policymakers, comprehensive foreign asset data also provides valuable insights into trends in overseas investments and wealth accumulation, supporting more informed regulation of capital flows and anti-money-laundering measures, added Jhunjhunwala.
Insights from exchange
CBDT got insights into the undisclosed foreign assets held by Indian residents under the Automatic Exchange of Information framework India has with other countries.The second Nudge campaign aims to facilitate the correct reporting of foreign assets and income in tax returns, CBDT said. Accurate and complete disclosure of foreign assets and income is a statutory requirement under the Income-tax Act and the Black Money law, CBDT said.
“CBDT utilises advanced data analytics to simplify compliance processes, reduce information asymmetry and reinforce a transparent and trust-oriented interface with taxpayers. The initiative aligns with the vision of Viksit Bharat, fostering accountability, transparency and a culture of voluntary compliance,” the authority said.
India also receives information about assets held in US by Indians under that country's Foreign Account Tax Compliance Act (Fatca).
Source: LiveMint
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