Archive · 29 Nov 2025
Income Tax Department to Nudge 25,000 on Foreign Asset Disclosure
The Income Tax department in India is going to send messages to about 25,000 people who might have foreign assets but haven't told the government about them.
These people have until December 31, 2025, to update their tax forms and tell the government about their foreign assets.
If they don't, they might have to pay big penalties.
Last year, a similar message led many people to declare foreign assets worth a lot of money.
The government gets information about these assets from other countries and wants everyone to follow the rules and pay the right amount of tax.
The Income Tax department will send SMS/emails to 25,000 individuals identified as high-risk for not disclosing foreign assets in their ITRs for AY 2025-26.
These individuals have until December 31, 2025, to file revised ITRs to avoid penalties, including a Rs 10 lakh penalty under the Black Money Act.
The 'nudge' campaign aims to improve compliance and will expand to cover more cases starting mid-December.
Last year's similar campaign led to 24,678 taxpayers disclosing foreign assets worth Rs 29,208 crore and foreign-source income of Rs 1,089.88 crore.
The department has assessed 1,080 cases so far, raising a demand of Rs 40,000 crore, and conducted searches in Delhi, Mumbai, and Pune.
- Who
- Income Tax department, 25,000 individuals with foreign assets
- What
- Notification via SMS/emails for non-disclosure of foreign assets
- When
- Starting November 28, 2025, with a deadline of December 31, 2025
- Where
- India
- Why
- To ensure compliance with tax laws and avoid penalties
- Number of Individuals Targeted
- 25,000
- Deadline for Revised ITR
- December 31, 2025
- Penalty for Non-disclosure
- Rs 10 lakh
- Tax on Undisclosed Income
- 30%
- Penalty on Tax Payable
- 300%
- Foreign Assets Disclosed Last Year
- Rs 29,208 crore
- Foreign-Source Income Disclosed Last Year
- Rs 1,089.88 crore
- Cases Assessed Till June 2025
- 1,080
- Total Demand Raised
- Rs 40,000 crore
