I-T dept lists foreign assets not disclosed in ITRs
The department will start sending SMS and emails to such taxpayers from November 28, advising them to file a revised ITR by Dec31, 2025
image for illustrative purpose
New Delhi: The Income-Tax (I-T) department on Thursday said it has identified ‘high-risk’ cases where individuals have not reported foreign assets in the income tax returns (ITRs) filed for Assessment Year (AY) 2025-26.
The department will start sending SMS and emails to such taxpayers from November 28, advising them to file a revised ITR by December 31, 2025, to avoid penal consequences. Last year, too, the department had sent SMS/emails to targeted select taxpayers who had been reported by foreign jurisdictions under the Automatic Exchange of Information (AEOI) framework as holding foreign assets that were not disclosed in their Income Tax Returns (ITRs) for AY 2024-25. This ‘nudge’ initiative led to 24,678 taxpayers (including several who were not sent SMS/emails) revisiting their ITRs and disclosing foreign assets amounting to Rs 29,208 crore, along with foreign-source income of Rs 1,089.88 crore, in AY 2024-25.
