CBDT's 'Nudge' Uncovers Rs 29,000 Crore in Foreign Assets: Taxpayers Come Clean

The Central Board of Direct Taxes' recent compliance campaign has yielded significant results, with 30,161 taxpayers voluntarily declaring foreign assets worth Rs 29,208 crore and additional foreign income of Rs 1,089.88 crore. This surge in disclosures marks a 45.17% increase from the previous year, reflecting growing awareness and compliance. The campaign, leveraging data from 108 countries, included targeted outreach to 19,501 high-value account holders. Notably, 24,678 taxpayers reviewed their ITRs, while 6,734 updated their residential status. This success underscores India's commitment to financial transparency and combating tax avoidance through international cooperation.

 

Sources: CNBC TV18, Moneycontrol, NDTV