<h2 class="wp-block-heading">Nirmala Sitharaman&#8217;s &#8216;Nudge&#8217; to Taxpayers</h2>

<p>In a recent announcement, Finance Minister Nirmala Sitharaman emphasized the importance of transparency and compliance among taxpayers in India. Her initiative has resulted in significant progress, prompting over â¹30,000 crore to be added to the exchequer. This move comes in light of the scrutiny surrounding foreign assets held by Indian taxpayers.</p>

<h2 class="wp-block-heading">Tax Returns Revised: A Surprising Outcome</h2>

<p>The revised tax returns show a remarkable increase in compliance. Out of 19,501 taxpayers, 11,162 took action by revising their returns and completing the Schedule of Foreign Assets form. This not only demonstrates a growing awareness of tax obligations but also highlights Sitharaman’s effective communication with taxpayers.</p>

<h2 class="wp-block-heading">Foreign Assets Disclosed: A New Financial Perspective</h2>

<p>The taxpayers collectively declared foreign assets totaling â¹11,259.29 crores, along with a foreign income of â¹154.42 crores. This disclosure not only uplifts the tax collection revenue but also paves the way for greater financial accountability among taxpayers. Sitharaman&#8217;s commitment to nudge individuals towards compliance can potentially transform the Indian tax landscape, fostering a culture of transparency and trust.</p>
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