CBDT Warns Taxpayer to Declare Foreign Assets or Ready to Face Penalty Foreign Assets Compliance

Описание: The CBDT has launched the 2nd NUDGE Initiative to strengthen voluntary compliance in reporting foreign assets and foreign-source income.
From 28 November 2025, SMSs and emails are being sent to identified taxpayers advising them to review and revise their ITRs for AY 2025–26 before 31 December 2025 to avoid penalties.

In this video on @personaltax, we break down:

🔹 Why CBDT launched the 2nd NUDGE Initiative
🔹 Findings from AEOI (Automatic Exchange of Information) for FY 2024–25
🔹 Who will receive SMS/email alerts
🔹 Importance of Schedule FA & Schedule FSI
🔹 Penalty risks under Income Tax Act & Black Money Act
🔹 CBDT’s PRUDENT approach & tech-driven compliance
🔹 Results of the 1st NUDGE campaign (₹29,208 crore assets disclosed)
🔹 CRS & FATCA information sharing and how it impacts taxpayers
🔹 Why voluntary compliance is essential before the deadline

This initiative reinforces a non-intrusive, data-driven, and taxpayer-centric tax administration to promote accurate reporting and transparency in line with the vision of Viksit Bharat.

👉 Taxpayers who have foreign bank accounts, foreign investments, ESOPs, overseas income, or any global financial holdings should watch this video carefully.

📌 Deadline to revise returns: 31 December 2025
📌 More details available on: incometax.gov.in

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