Media365
As many as 30,161 tax payers have declared ₹29,208 crore worth of foreign assets in assessment year 2024-25 as a result of a new compliance and awareness campaign, government sources said.
The 30,161 tax payers, comprising less than 1% of the total number of 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. Additionally, 6,734 people changed their residential status to ‘non-resident’, the sources said.
The data is part of a larger outreach activity to encourage tax payers to come forward and declare their assets voluntarily.
The declaration was the outcome of a ‘Trust First approach’ to tax collection to urge voluntary compliance rather than enforcing tax laws, the sources said.
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, a fourfold rise from 2021-22, they added.
Published – March 06, 2025 09:13 pm IST
