5 months ago
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The Income Tax section connected Thursday (November 27, 2025) said it has identified "high-risk" cases wherever individuals person not reported overseas assets successful the income taxation returns (ITRs) filed for Assessment Year (AY) 2025-26.
The Department volition commencement sending SMS and emails to specified taxpayers from November 28, advising them to record a revised ITR by December 31, 2025, to debar penal consequences.
Last year, too, the section had sent SMS and emails to targeted taxpayers who had been reported by overseas jurisdictions nether the Automatic Exchange of Information (AEOI) model arsenic holding overseas assets that were not disclosed successful their income taxation returns (ITRs) for AY 2024-25.
This 'nudge' inaugural led to 24,678 taxpayers (including respective who were not sent SMS and emails) revisiting their ITRs and disclosing overseas assets amounting to ₹29,208 crore, on with foreign-source income of ₹1,089.88 crore, successful AY 2024-25.
"Analysis of AEOI for fiscal twelvemonth 2024-25 [Calendar Year 2024] has identified high-risk cases wherever overseas assets look to beryllium but person not been reported successful the ITRs filed for AY 2025-26," the Income Tax section said successful a statement.
The Central Board of Direct Taxes (CBDT) receives accusation relating to overseas fiscal assets of Indian residents from spouse jurisdictions pursuant to Common Reporting Standards (CRS) and from the United States nether the Foreign Account Tax Compliance Act (FATCA).
This accusation assists successful identifying imaginable discrepancies and guiding taxpayers towards timely and close compliance, it added.
The run aims to facilitate close reporting successful docket overseas assets (FA) and overseas root income (FSI) successful ITRs.
Accurate disclosure of overseas assets and income is simply a statutory request nether the Income-tax Act, 1961, and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
