Over 30,000 taxpayers have revised their I-T returns or filed belated returns and declared extra overseas belongings and revenue of greater than Rs 30,000 crore, Authorities sources stated on Thursday. Consistent with its ‘trust-first’ method, the Central Board of Direct Taxes (CBDT) had on November 16 final 12 months, launched an consciousness marketing campaign underneath which messages had been despatched to taxpayers who had not disclosed high-value overseas revenue or belongings of their ITRs for AY 2024-25.
SMSes and emails had been despatched to 19,501 taxpayers with excessive overseas account balances or important overseas revenue from curiosity or dividends above a specified threshold.
These communications requested taxpayers to revise their Earnings Tax Returns (ITRs) to replicate their overseas belongings and revenue precisely.
Sources stated 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed belated returns for AY 2024-25, declaring overseas belongings price Rs 29,208 crore and extra overseas revenue of Rs 1,089.88 crore.
Additionally, 6,734 taxpayers revised their residential standing from Resident to Non-Resident.
Sources stated about 62 per cent of nudged taxpayers responded positively, voluntarily revising their ITRs to declare overseas belongings and revenue.
The variety of taxpayers disclosing overseas belongings and revenue on a voluntary foundation has steadily grown from 60,000 in AY 2021-22 to 2,31,452 taxpayers in AY 2024-25.
This 12 months, resulting from in depth outreach and consciousness efforts, voluntary disclosures witnessed a big 45.17 per cent progress in comparison with AY 2023-24.
