Over 30,000 taxpayers have declared foreign assets worth more than ₹29000 crore through Income Tax Returns (ITR) during the current fiscal year, government sources said on Thursday.

“Following a campaign by the Central Board of Direct Taxes (CBDT), 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed belated returns for AY 2024-25, declaring foreign assets worth ₹29,208 crore and additional foreign income of ₹1,089.88 crore. Furthermore, 6,734 taxpayers revised their residential status from Resident to Non-Resident,” a source said.

Overall, approximately 62 per cent of nudged taxpayers responded positively, voluntarily revising their ITRs to declare foreign assets and income.

“The number of taxpayers disclosing foreign assets and income on a voluntary basis has steadily grown from 60,000 in AY 2021-22 to 2,31,452 taxpayers in AY 2024-25,” the source added. Extensive outreach and awareness efforts led to a 45.17 per cent increase in voluntary disclosures in the current fiscal as compared to AY 2023-24.

Using data received under the automatic exchange of information, CBDT launched a Compliance-Cum-Awareness Campaign on November 17, 2024, urging taxpayers to declare their foreign assets and income in revised ITRs for Assessment Year (AY) 2024-25. This campaign followed a system-driven and taxpayer-friendly approach, utilising the information received through CRS and FFATCA.

According to sources, CBDT facilitated taxpayers by providing a step-by-step guide to filling Schedule Foreign Assets and Schedule Foreign Source Income, along with explanatory materials to help them understand the information received under these frameworks.

As part of the campaign, SMS and e-mails were sent to 19,501 taxpayers, with high foreign account balances or significant foreign income from interest or dividends, above a specified threshold. These communications requested taxpayers to revise their Income Tax Returns (ITRs) to reflect their foreign assets and income accurately. Additionally, 30 outreach sessions, seminars, and webinars were conducted across the country, engaging over 8,500 participants directly. Pamphlets, brochures, and elaborate Samvaad sessions on social media further amplified awareness.