NEW DELHI: The income tax department has launched a fresh campaign to nudge those with overseas assets or income to disclose details in India. Initially, around 25,000 high-risk cases will be targeted through SMS and e-mails, with the campaign proposed to be expanded mid-Dec to cover others, and improve the compliance ecosystem.The initiative comes exactly a year after a similar move led to nearly 25,000 taxpayers disclosing Rs 29,000 crore overseas assets and income of Rs 1,090 crore.Following analysis of data for 2024, from other tax jurisdictions, Central Board of Direct Taxes has identified high-risk cases in which foreign assets seem to exist, but have not been reported in FY 2024-25 IT returns, a statement said. ‘Second NUDGE’ to advise people to review their returns by Dec 31The “second NUDGE campaign” will advise taxpayers to review and revise their returns by Dec 31 to avoid penal consequences. “The campaign aims at facilitating correct reporting in Schedule Foreign Assets and Foreign Source Income (FSI) in ITRs. Accurate & complete disclosure of foreign assets and income is a statutory requirement under 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 penalty of Rs 10 lakh for non-disclosure of overseas assets apart from tax of 30% and penalty of 300% on the taxable amount.The income tax department has assessed around 1,080 cases, raising demand of Rs 40,000 crore till June 2025.Searches were also conducted in Delhi, Mumbai & Pune, based on data received on investments in Dubai, unearthing undisclosed foreign assets and income worth several hundreds of crores, an official said. Tax officials said that as part of the campaign, large companies whose employees have foreign assets and have not disclosed them are also being onboarded to sensitize taxpayers. Industry bodies, Institute of Chartered Accountants of India, and other associations have been requested to create awareness.
