Taxpayers Declare Foreign Assets Worth ₹29,000 Cr

Declarations Come After CBDT Rolled Out Awareness Campaign

- PRIYANSH VERMA

As many as 30,161 taxpayers voluntarily declared foreign assets worth ₹29,208 crore for assessment year (AY) 2024-25 to the income tax (I-T) department under a special campaign launched in November 2024, official sources said.

Under the 'compliance-cum-awareness campaign', the Central Board of Direct Taxes (CBDT) had urged taxpayers to declare their foreign assets and income in revised income tax returns (ITRs).

This campaign followed a system-driven and taxpayer-friendly approach, utilizing the information received through 'common reporting standards' (CRS) and Foreign Accounts Tax Compliance Act (FATCA).

While the campaign helped improve compliance, tax experts said severe penalties under the Black Money Act forced many taxpayers to disclose the foreign assets.

The CBDT's move was in the wake of reports of a rising trend of Indians acquiring foreign assets, in part as a measure to evade taxes.