Archive · 3 Dec 2025
CBDT Urges Taxpayers to Report Foreign Income and Assets
The Central Board of Direct Taxes (CBDT) in India is asking people who have money or assets in other countries to tell the government about them.
They started a campaign called NUDGE on 28 November and want people to update their tax forms by 31 December.
Last year, a similar campaign helped find out about ₹30,000 crore in foreign assets.
People need to use special sections in their tax forms to report money earned or assets held abroad.
There are rules and systems in place, like CRS and FATCA, that help countries share information about people's foreign money.
If someone doesn't tell the government about their foreign money or assets, they might have to pay big penalties or even face legal trouble.
CBDT's NUDGE campaign encourages taxpayers to disclose foreign income and assets by 31 December.
Taxpayers must use specific schedules (FSI, TR, FA) in their ITRs to report foreign income and assets.
Form 67 is used to claim Foreign Tax Credit and avoid double taxation.
International frameworks like CRS and FATCA promote transparency and prevent tax evasion.
Failure to report foreign income and assets can result in penalties and prosecution under the Black Money Act, 2015.
- Who
- Taxpayers with undisclosed foreign income and assets
- What
- CBDT's NUDGE campaign urging taxpayers to report foreign income and assets
- When
- Starting 28 November, with a deadline of 31 December
- Where
- India
- Why
- To ensure transparency and prevent tax evasion
- Campaign Name
- NUDGE
- Campaign Start Date
- 28 November
- Deadline for Revisions
- 31 December
- Disclosed Foreign Assets Last Year
- ₹30,000 crore
- Schedules for Foreign Income Reporting
- Schedule FSI, Schedule TR, Schedule FA
- Form for Foreign Tax Credit
- Form 67
- International Frameworks
- Common Reporting Standard (CRS), Foreign Account Tax Compliance Act (FATCA)
- Penalty Act
- Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015