Tax dept begins drive against 25K foreign asset cases

THE Central Board of Direct Taxes (CBDT) on Thursday launched the second phase of its NUDGE initiative to tap 25,000 high-risk foreign assets holders, who have not disclosed these assets in their income tax filings.

- PUSHPITA DEY @New Delhi

According to the department, there are these high-risk cases where foreign assets appear to exist but have not been reported in the ITRs filed for assessment year 2025-26.

“The campaign aims to facilitate correct reporting in Schedule Foreign Assets (FA) and Foreign Source Income (FSD) in ITRs. Accurate and 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,” the CBDT said in a statement.