NEW DELHI: Over 30,000
taxpayers
have declared foreign assets of more than Rs 29,000 crore after Central Board of Direct Tax (
CBDT
) launched a campaign nudging taxpayers to come clean. Besides, 6,734 taxpayers have revised their status from residents to non-residents.
While the additional foreign income disclosed was Rs 1,090 crore, each taxpayer declared an average asset of around Rs 1 crore overseas.
The disclosures are a result of information-sharing arrangements between nearly 125 countries with India being one of the early adopters, which has been since 2018 receiving data, including details of bank accounts overseas and the balance in them, dividends, interest received, and gross payments.
Tax authorities, however, found that not everyone was making the required disclosures, resulting in CBDT launching a campaign last Nov urging taxpayers to declare their foreign assets and income through updated tax returns.
I-T department sent emails and text messages to 19,500 taxpayers with significant assets overseas and high balances in their accounts, while also conducting outreach sessions with some 8,500 individuals.