New Delhi, Nov. 27 -- The income tax department will launch a campaign on Friday, nudging approximately 25,000 high-risk assessees to come clean about their undisclosed foreign income and assets that the tax authority has come to know about, following a similar previous drive that led to the disclosure of over Rs.30,000 crore in foreign income and assets.

Central Board of Direct Taxes (CBDT), the apex direct tax policy-making body, said on Thursday that it will send text messages and emails to identified taxpayers, advising them to voluntarily review and revise their tax returns before the end of December to avoid penalties.

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act of 2015 provides for a penalty ...