A CBDT campaign also saw 6,734 taxpayers revise their residential status from Resident to Non-Resident
Government sources report that 31,161 tax payers examined their ITRs in 2024-25, declaring about ₹31,000 crore in foreign assets and increased income from sources due to a new compliance and awareness drive.
Following a Central Board of Direct Taxes (CBDT) campaign, 5,483 taxpayers filed belated forms for AY 2024–25, disclosing additional foreign income of ₹1,089.88 crore and foreign assets valued at ₹29,208 crore. Additionally, 24,678 taxpayers reviewed their ITRs. Additionally, according to a source, 6,734 taxpayers changed their residence status from resident to non-resident.
Approximately 62% of encouraged taxpayers voluntarily revised their ITRs to declare overseas income and assets, indicating a positive response overall.
The number of people declaring foreign assets and incomes voluntarily increased to 2,31,452, in 2024-25 about 4 times the number who did the same in 2021-22.
On November 17, 2024, CBDT initiated a Compliance-Cum-Awareness Campaign, utilizing data obtained through the automatic exchange of information, to encourage taxpayers to disclose their overseas assets and income in updated ITRs for Assessment Year (AY) 2024-25. This campaign used the data obtained from CRS and FFATCA in a system-driven and taxpayer-friendly manner.
According to Govt. sources, CBDT facilitated taxpayers by providing a step-by-step guide to filling Schedule Foreign Assets and Schedule Foreign Source Income, along with explanatory materials to help them understand the information received under these frameworks.
During the campaign, 19,501 taxpayers who had substantial overseas income from dividends or interest or large foreign account balances beyond a certain level received emails and SMS. In order to appropriately reflect their overseas assets and income, taxpayers were asked in these letters to amend their Income Tax Returns (ITRs).
In addition, 30 webinars, seminars, and outreach events were held nationwide, directly interacting with over 8,500 people. Raising awareness was further aided by pamphlets, booklets, and intricate Samvaad sessions on social media.
