About 31,161 tax payers reviewed their income tax returns (ITR) declaring foreign assets worth almost ₹31,000 crore of foreign assets and additional income from sources in assessment year 2024-25 as a result of a new compliance and awareness campaign, according to government sources.
About 31,000 tax payers who constitute less than 1% of the total tax payers (10.4 crore in 2023-24) reviewed their ITR and declared ₹29,208 crore in foreign assets and ₹1,089.88 crore in additional income in assessment year 2024-25. Additionally, 6734 people changed their residential status to non-resident, said the government source.
The data is part of a larger outreach activity to encourage tax payers to come forward and declare their assets voluntarily. This was the outcome of a “Trust First approach” to tax collection in order to urge voluntary compliance rather than enforcing tax laws, said government sources.
About 62% of the people approached by the government had responded by revising their ITRs to declare foreign assets, the source said. The number of people declaring foreign assets and incomes voluntarily increased to 2,31,452, in 2024-25 about 4 times the number who did the same in 2021-22.
Published – March 06, 2025 09:07 pm IST
