30,161 taxpayers of india have foreign assets!
A recent report revealed that the number of rich people in india, especially millionaires and billionaires, is constantly increasing. Now sources have revealed that there are 30,161 taxpayers in the country whose foreign assets are more than Rs 29,000 crore.
Foreign assets more than 29 thousand crores
According to sources, india recently launched a major campaign to get its taxpayers to declare foreign assets and their income. Under this campaign, 30,161 taxpayers have declared foreign assets worth more than Rs 29,208 crore and additional foreign income of Rs 1,089.88 crore. This campaign was run by CBDT (Central Board of Direct Taxes), with the aim of motivating taxpayers to correctly declare foreign assets and income.
What is the whole matter?
india started receiving information related to foreign accounts and income since 2018 under Common Reporting Standards (CRS). Under this, more than 125 countries have shared the financial information of their account holders with India. Similarly, information is also shared with the US under FATCA (Foreign Accounts Tax Compliance Act).
In september 2024, india received information related to foreign accounts and income from 108 countries. Using this data, CBDT launched a Compliance-Cum-Awareness Campaign on 17 november 2024. The aim of this campaign was to encourage taxpayers to correctly declare their foreign assets and income.
How was the campaign conducted?
SMS and emails were sent to 19,501 taxpayers who had large amounts of money in foreign accounts or significant foreign income.
30 outreach sessions, seminars and webinars were organised, which were attended by over 8,500 people.
Awareness was spread through pamphlets, brochures and interactive sessions on social media.
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