India, Nov. 27 -- The income tax (I-T) department will launch a NUDGE (Non-intrusive Usage of Data to Guide and Enable) campaign from Friday, asking taxpayers to report their foreign assets acquired in the previous financial year (FY 2024-25) by December 31, if they have not declared the same in their income-tax returns (ITRs), or face action.

The campaign is being launched after the Central Board of Direct Taxes (CBDT) identified high-risk cases in its Analysis of the Automatic Exchange of Information (AEOI) for FY 2024-25, where foreign assets appear to exist but have not been reported in the ITRs, a finance ministry statement said. ITRs for FY 2024-25 are to be filed in the current assessment year (AY 2025-26).

"Accordingly, the CBDT...