25,000 high-risk foreign asset cases under I-T radar

INTENSIFYING ITS EFFORTS to curb tax evasion, the Central Board of Direct Taxes (CBDT) has launched the second phase of its 'NUDGE' initiative to strengthen voluntary compliance by taxpayers on foreign assets and income.

- FE BUREAU

The exercise will begin with around 25,000 high-risk cases identified through Automatic Exchange of Information (AEOI) data for 2024-25.

From November 28, 2025, SMS and email alerts will be sent to the flagged taxpayers, advising them to review and revise their income tax returns (ITRs) for the assessment year 2025-26 by December 31, 2025. Noncompliance may invite severe penalties under the Income-tax Act and the Black Money Act, the tax department said.