30,161 Taxpayers declare Foreign Assets worth more than Rs.29,000 crores:

30,161 Taxpayers declare Foreign Assets worth more than Rs.29,000 crores As part of a special campaign, government sources stated on March 6 that up to 30,161 taxpayers voluntarily revealed foreign assets of Rs.29,208 crore and foreign income of Rs 1,089.88 crore for the Assessment Year (AY) 2024-25. The declarations are part of the Central Board of Direct Taxes' (CBDT) Compliance-Cum-Awareness Campaign, which aims to encourage voluntary disclosures of offshore wealth and income. CBDT's data-driven, non-intrusive approach resulted in an increase in voluntary disclosures. Of the 30,161 taxpayers who revealed their wealth offshore. 5,483 filed belated ITRs, while others revised their ITRs. Furthermore, the source reported that 6,734 people changed their residence status from resident to non-resident. The CBDT launched the compliance program on November 17, 2024, encouraging taxpayers to voluntarily disclose overseas assets and income in revised Income Tax Returns (ITRs). The campaign emphasised transparency and education, ensuring that taxpayers knew their reporting requirements. The number of taxpayers who voluntarily disclose overseas assets has increased dramatically over the years, from 60,000 in AY 2021-22 to more than 2.31 lakh in AY 2024-25. Compared to AY 2023-24, voluntary disclosures increased by 45.17 percent, indicating higher awareness and compliance. The Income Tax Department reached out to 19,501 taxpayers via SMS and email, highlighting high-value foreign accounts or significant overseas income. Additionally, 30 outreach sessions, seminars, and webinars were conducted, engaging over 8,500 people. Social media campaigns, brochures, and explanatory materials further simplified compliance procedures. India, an early adopter of the Common Reporting Standard (CRS), has started receiving data on individual abroad financial holdings and income since 2018. In September 2024, the country collected data from over 108 jurisdictions, including overseas accounts, balances, and income like interest and dividends. The information is also exchanged under the Foreign Account Tax Compliance Act (FATCA) arrangement with the United States.