6,734 taxpayers modified their residential status to Nivasi
With the investigation of the data, government sources revealed, “24,678 taxpayers reviewed their ITRs, and 5,483 filed a belted return for Ay 2024-25, announced foreign assets. 29,208 crore and additional foreign income
1,089.88 crores. Not this, 6,734 taxpayers updated their residential status from ‘resident’ to ‘non -resident’. ,
The announcement is part of a special drive launched by the Income Tax Department, which opened a special window from November 16, 2024 to December 31, 2024, asked taxpayers to declare their foreign property. During this window, the tax department encouraged taxpayers to modify its Income Tax Return (ITRS) for the Evaluation Year (Ay) 2024-25 and correctly revealed their foreign income and assets.
Government sources also shared that “62% naked taxpayers responded positively, and the campaign saw a significant increase in foreign income and voluntary revelations of assets. The number increased significantly from 60,000 in Ay 2021-22, which increased to 2,31,452 in Ay 2024–25, which marks a 45.17% increase compared to the previous year.”
How did the government happen? 29,000 crore in announcements?
According to government sources, the announcement is part of the strategy of the Income Tax Department, under which it took advantage of the information obtained through General Reporting Standards (CRS) and Foreign Accounting Tax Act (FATCA), 2010. The tax department sent targeted SMS and email notifications to 19,501 taxpayers with high foreign account balance or important foreign income. These communications encouraged taxpayers to amend their ITRs and disclose their foreign property and income.
Government sources said, “In September 2024, India received financial information about foreign accounts from more than 108 countries and income earned outside India.”
Tax Famine and CR compete
In particular, India is actively combating tax protection through foreign assets and has taken an active stance on financial transparency, promoting general reporting standards (CRS) by its early adoption. The CRS provides automatic exchange of financial information between more than 125 countries.
“This includes details about foreign accounts, accounts, and income from dividends and interest. Since 2018, India is receiving this data, enabled the Income Tax Department (ITD) to identify discrepancies and increase tax compliance,” said government sources.
Sources also stated that the “Trust First” approach, which emphasizes voluntary compliance on enforcement, was important to help the tax department secure these announcements.
Compliance approach
