CBDT Launches campaign to promote Foreign Asset Reporting in ITR:

CBDT Launches campaign to promote Foreign Asset Reporting in ITR The Central Board of Direct Taxes (CBDT) under the Ministry of Finance (Department of Revenue) has released a press release dated November 27, 2025, informing that it has released the second NUDGE (Non-intrusive Usage of Data to Guide and Enable) initiative to strengthen voluntary compliance in respect of Foreign Assets. Through this initiative, the board is trying to reinforce its data-driven, non-intrusive and taxpayer-centric measures. The CBDT, through this initiative, is fulfilling its commitment to promote accurate reporting and improve revenue mobilisation.

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The CBDT released the first NUDGE campaign on November 17, 2024. This campaign was centred on some selective taxpayers who had been reported by foreign jurisdictions under the Automatic Exchange of Information (AEOI) framework. These taxpayers were holding foreign assets that were not disclosed in their ITR (income tax return) for the assessment year 2024-25 (financial year 2023-24). Overall, this campaign gave positive results; a total of 24,678 taxpayers rechecked their returns and disclosed foreign assets of Rs. 29,208 crore, along with foreign source income amounting to Rs. 1089.88 crore. CBDT gets details about the foreign financial accounts of Indian residents from other countries through CRS and from the United States through FATCA. This information helps the department find possible mismatches in disclosures and reminds taxpayers to file their returns correctly and on time.

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At the end of the press release, the Central Board of Direct Taxes (CBDT) recommends that all the eligible taxpayers properly make use of this facility to ensure complete compliance with statutory reporting requirements. Taxpayers can visit the official website of Income Tax (incometax.gov.in) to collect more information on CRS, FATCA, Schedule FA and Schedule FSI. Refer to the official press release for complete information.