A simple nudge campaign resulted in the declaration of foreign assets worth Rs 29,208 crores and foreign income of Rs 1,089 crores by 30,161 taxpayers in assessment year 2024-25, finance minister Nirmala Sitharaman told Lok Sabha on Tuesday.
“We carried out a ‘nudge’ campaign in which we nudged taxpayers to voluntarily disclose their Foreign Income and Assets,” Sitharaman said.
SMS and Emails were sent to around 19,501 select taxpayers asking them to review their income tax returns filed for the assessment year 2024-25 based on information available to income tax of foreign deposits, etc.
As a result of the campaign, out of 19,501 taxpayers, a total of 11,162 taxpayers revised their returns and filled Schedule Foreign Assets Form, declaring total assets of Rs 11,259 crore disclosing foreign income of Rs 154 crore, she said.
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In addition to the above, 883 taxpayers revised their ITR and corrected their status from resident to non-resident in the revised return for AY 2024-25.
Due to this outreach, there was a ‘ripple effect’. This resulted an additional 13,516 taxpayers declaring foreign assets of Rs 7,564 crores and foreign income of Rs 353 crores approximately in their revised ITR for AY 2024-25, the minister said.
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