The Indian government has uncovered significant amounts of undisclosed foreign assets and cryptocurrency profits through the Income Tax Bill 2025. Over ₹29,208 crore in previously untaxed foreign wealth was disclosed by taxpayers, driven by a recent campaign to encourage compliance. Authorities have also discovered ₹630 crore in unreported crypto income, highlighting the government’s efforts to strengthen financial transparency and address tax evasion. The crackdown targets both bank accounts and digital trading platforms, utilizing advanced systems like the Non-Filer Monitoring System (NMS) and Project Insight. 5,483 taxpayers filed late returns with undisclosed foreign assets worth ₹29,208 crore in the 2024-25 financial year. An additional ₹1,089 crore in extra foreign income was disclosed. This campaign has spurred over 30,000 individuals to rectify past filings. The government’s strategy of encouraging disclosure has yielded a notable increase in reporting for foreign assets. 630 crore of unreported crypto income have been uncovered through the initiative. While this crackdown is viewed as an attempt to promote fairness and transparency, it’s also raising concerns about the impact on the Indian cryptocurrency ecosystem. Experts question if lower tax rates could incentivize trading within India and boost revenue. This issue has sparked debate surrounding how best to balance compliance with investor interests. The Income Tax Bill 2025 is expected to be introduced in Parliament on August 11th, a significant step in reforming the nation’s fiscal regulations. It remains to be seen if this new legislation will promote long-term compliance or deter investment within India. Whether it leads to increased regulatory clarity and economic growth will depend on how effectively it addresses these challenges.