NEW DELHI: Over 30,000 taxpayers have declared foreign assets worth Rs 29,208 crore following a compliance drive launched by the Income Tax Department of India. The initiative, under the guidance of the Central Board of Direct Taxes (CBDT), aimed at encouraging voluntary disclosures of offshore financial assets and income. The campaign, which began on November 17, 2024, targeted taxpayers with significant foreign asset holdings and income. As part of the drive, the department reached out to over 19,500 individuals through SMS and email, urging them to revise their Income Tax Returns (ITRs) to reflect foreign assets accurately. 

The campaign saw a positive response, with 30,161 taxpayers declaring their foreign assets and income. Among them, 24,678 taxpayers amended their existing returns, while 5,483 filed belated returns for the assessment year 2024-25. These taxpayers collectively declared foreign assets worth ₹29,208 crore, along with additional foreign income totaling Rs 1,089.88 crore. Furthermore, 6,734 taxpayers updated their residential status from 'Resident' to 'Non-Resident' to better reflect their global income and assets.

The CBDT’s approach, which was non-intrusive and data-driven, focused on educating taxpayers and encouraging voluntary compliance. The department organized over 30 seminars, webinars, and sessions across the country, involving more than 8,500 participants. They also leveraged financial data shared by more than 108 countries under the Common Reporting Standard (CRS) to identify discrepancies and promote accurate reporting. 

This campaign aligned with the "Trust First" approach, emphasized voluntary compliance over enforcement follows a significant increase in taxpayer participation in such disclosure initiatives, with voluntary declarations of foreign assets rising substantially from 60,000 in the Assessment Year 2021-22 to over 2.31 lakh in the current assessment year, reflecting a 45.17% increase. The success of this drive highlights the growing transparency and compliance in international financial matters, with taxpayers responding positively to the Income Tax Department’s outreach efforts.