Archive · 28 Nov 2025
I-T Dept Nudges Taxpayers on Foreign Wealth Disclosure
The Income Tax Department in India is starting a campaign to remind people with foreign money or property to tell the government about it.
They will send messages to about 25,000 people who might have foreign assets but haven't told the tax department.
If people don't tell the government about their foreign money or property, they might have to pay a big fine.
Last time they did this, many people came forward and told the government about over ₹30,000 crore in foreign assets.
The government wants everyone to follow the rules and pay the right amount of tax.
Big companies and industry groups are also helping to spread the word.
The Income Tax Department will launch a campaign on November 28, 2025, to nudge 25,000 high-risk taxpayers to disclose foreign income and assets.
Taxpayers have until December 31, 2025, to revise their tax returns and avoid penalties.
The previous similar campaign in November 2024 led to the disclosure of over ₹30,000 crore in foreign assets and ₹1,089.88 crore in foreign-source income.
Non-disclosure of foreign assets can result in a penalty of ₹10 lakh, a tax of 30%, and a penal interest of 300% of the tax payable.
The campaign aims to improve compliance and align with global transparency frameworks like the OECD's common reporting standard.
- Who
- Income Tax Department, Central Board of Direct Taxes (CBDT)
- What
- Launch of a campaign to nudge taxpayers to disclose foreign income and assets
- When
- Friday, November 28, 2025, with a deadline of December 31, 2025
- Where
- India
- Why
- To ensure compliance with tax laws and prevent penalties for non-disclosure of foreign assets and income
Government
Taxpayers
Disclosure of Foreign Assets
Government
The government believes that taxpayers must disclose foreign assets to ensure tax compliance and prevent penalties.
Taxpayers
Some taxpayers may be concerned about the complexity and potential penalties associated with disclosing foreign assets.
- Campaign Launch Date
- Friday, November 28, 2025
- Targeted Taxpayers
- 25,000 high-risk assessees
- Disclosed Foreign Assets (Previous Drive)
- ₹30,000 crore
- Penalty for Non-Disclosure
- ₹10 lakh
- Tax on Undisclosed Income
- 30%
- Penal Interest
- 300% of tax payable
- Deadline for Revision
- December 31, 2025
- Foreign Income Disclosed (Previous Drive)
- ₹1,089.88 crore
Sources
I-T Dept to nudge taxpayers to come clean on foreign wealth; ₹30,000 crore disclosed in previous drive
I-T dept eyes 25,000 cases under Nudge Campaign for declaration of foreign assets, income
IT Dept to target 25,000 high-risk cases as CBDT launches 2nd NUDGE initiative on foreign assets
I-T targets 25,000 high-risk foreign asset cases in fresh drive
Income Tax Dept to nudge 25,000 ‘high-risk’ taxpayers to disclose foreign assets, campaign to widen in mid-Dec
CBDT To Nudge 25K High-Risk Taxpayers To...
I-T dept detects undisclosed foreign assets in ITRs
