30161 Taxpayers of India Have Foreign Assets Worth More Than RS 29,000 Crore Revealed by Government Sources

A recent report revealed that the number of rich in India, especially the number of millionaires and billionaires, is continuously increasing. Now sources have been quoted as saying that there are 30,161 taxpayers in the country, whose foreign assets are more than Rs 29,000 crore.

More than 29 thousand crore foreign assets

According to sources, India recently launched a major campaign to its taxpayers to declare foreign assets and their income. Under this campaign, 30,161 taxpayers have announced foreign assets worth more than Rs 29,208 crore and an additional foreign income of Rs 1,089.88 crore. The campaign was run by the CBDT (Central Direct Tax Board), which aims to motivate taxpayers to declare foreign assets and income correctly.

What is the whole matter?

India started getting information related to foreign accounts and income from 2018 under Common Reporting Standards (CRS). Under this, more than 125 countries have shared the financial information of their account holders with India. Similarly, information is shared under FATCA (Foreign Accounts Tax Compliance Act) with America.

In September 2024, India received information related to foreign accounts and income from 108 countries. Using this data, CBDT launched a Compliance-Cum-Awareness Campaign on 17 November 2024. The purpose of this campaign was to encourage taxpayers to declare their foreign property and income correctly.

How did the campaign run?

SMS and emails were sent to 19,501 taxpayers, which had more money or important foreign income in foreign accounts.

30 outreach sessions, seminars and webinars were held, in which more than 8,500 people participated.

Awareness was spread on social media through pamphlet, brochure and support session.

What are the results?

24,678 taxpayers reviewed their ITR (Income Tax Return).

5,483 taxpayers filed delayed returns.

6,734 taxpayers described non -resident.

62 percent of taxpayers amended their ITRs, giving positive response.

Why is this important?

The campaign was based on the principle of Trust First, in which he was given a chance to declare taxpayers voluntarily. This has increased confidence between taxpayers and tax departments. Over the years, the number of taxpayers who voluntarily announced foreign property and income has increased continuously. The number of such taxpayers increased from 60,000 in 2021-22 to 2,31,452 in 2024-25.

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