Taxpayers disclosed Rs 29k crore worth of hitherto hidden foreign assets in revised ITRs: FM

India has managed to recover hitherto hidden foreign assets worth Rs 29,208 crore and foreign income worth Rs 1,089 crore of over 30,000 taxpayers in the revised Income Tax Returns (ITRs) for 2024-25.

This information was shared by Finance Minister Nirmala Sitharaman in the Lok Sabha, which on Tuesday passed the Finance Bill 2025 completing the process of Union Budget passage.

Sitharaman referred to a ‘nudge scheme adopted by the government to help taxpayers declare undeclared foreign assets and incomes, and revise their ITRs on those,’ and said Rs 29,208 crore of foreign assets and Rs 1,089 crore of foreign income of 30,161 tax payers was successfully declared under the plan.

Speaking of assets and money stashed away abroad, Sitharaman referred to India’s agreement with foreign countries whereby the government now received information about Indian accounts being held outside the country and where cases will have to be filed in courts in case of tax evaded money being held.

“But since not all accounts are of people holding tax evaded money and there are genuine accounts also, we adopted the policy of nudging taxpayers that we have information about their properties and deposits abroad, and if they would like to do something about it,” the FM told Lok Sabha in her reply to the Finance Bill.

She said the Government nudged tax payers to voluntarily disclose their foreign income and assets, and SMS and emails were sent to 19,501 select taxpayers, asking them to review their ITRs for the year 2024-25 based on the information available on their foreign deposits.

“Out of them, 11,162 taxpayers revised their returns and filled scheduled foreign assets form and declared an asset of Rs 11,259.29 crore, disclosing foreign income of Rs 154.42 crore. So the nudge campaign on never before disclosed foreign properties abroad has been successful, and at their own ease tax assesses have declared assets and due money has been paid,” she said.

The FM added that additionally 883 taxpayers reviewed their ITRs and corrected their status from resident to non-resident after the nudge.

“In the revised return for 2024-25, they said they are not residents but non-residents and should be treated accordingly. Due to this outreach, there was a ripple effect which resulted in an addition of 13,516 tax payers declaring foreign assets worth Rs 7,564 crore and foreign income of Rs 353 crore in revised returns. Cumulatively, this simple nudge has resulted in declaration of foreign assets worth Rs 29,208 crore and foreign income worth Rs 1,089 crore from 30,161 tax payers,” Sitharaman disclosed.