New Delhi, Nov. 28 -- The Central Board of Direct Taxes (CBDT) has launched the second phase of its "NUDGE" campaign to encourage taxpayers to accurately disclose their foreign assets and income.
The exercise, beginning November 28, aims to improve voluntary compliance by prompting selected taxpayers to review and, if required, revise their Income Tax Returns (ITRs) for Assessment Year 2025-26 before the December 31 deadline.
According to CBDT, the fresh round of nudges has been triggered by data received under the Automatic Exchange of Information (AEOI) framework for FY 2024-25 (CY 2024). An analysis of the information revealed instances where taxpayers appeared to hold foreign assets, but had not reported them in Schedule FA or disclos...