I-T Dept nudges taxpayers to disclose foreign assets correctly In an explicit nudge to taxpayers citing compliance with global disclosure norms, the Income Tax Department has urged them to disclose details of foreign assets and income correctly in their income tax returns and file revised returns by December 31, if there is a requirement to update the information.

The Department, it is learnt, will also begin an e-campaign in the next few days to facilitate filing of details of foreign assets and income by taxpayers, a government official said.

The campaign is being launched with the aim to reach out to those taxpayers who have not disclosed details of their foreign income and assets correctly in their income tax returns but the tax department has received information about them through various information-gathering and sharing agreements of India with other countries, an official said.

“There is substantial information being received from other countries about ownership of foreign income and assets. This campaign will provide a window to taxpayers to disclose their information of foreign income and assets correctly in their income tax returns,” the official said.