Cracking Down on Hidden Wealth: The Impact of India's NUDGE Campaign
The CBDT's 'NUDGE' campaign has successfully collected Rs 8,800 crore in additional taxes and curtailed Rs 1,750 crore in refund claims. This initiative encourages taxpayers to disclose unreported income, enhancing tax compliance and broadening the tax base. A new scheme allows small taxpayers to declare foreign assets to avoid penalties.
- Country:
- India
The Central Board of Direct Taxes (CBDT) has made significant strides with its 'NUDGE' campaign, which has collected an additional Rs 8,800 crore in taxes over the past two years, Chairman Ravi Agrawal revealed in an interview with PTI. This initiative has also prevented refund claims worth Rs 1,750 crore.
Launched to improve tax compliance, the campaign uses a non-intrusive approach to guide taxpayers in reporting unclaimed income or transactions. Agrawal shared that 1.11 crore revised returns were filed, substantially expanding and deepening the tax base.
A one-time declaration scheme for foreign assets was introduced in the latest budget, targeting small taxpayers to declare undeclared overseas incomes and assets, ensuring smoother compliance and avoiding prosecution under existing black money laws.
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