Quick Summary
Some media reports have suggested that money deposited in bank accounts of Indian entities in Switzerland has increased. It is reported that the data pertains to different types of funds, including deposits from enterprises, banks and individuals. In this context, it is stated that in order to combat the problem of offshore tax evasion, tax jurisdictions cooperate among themselves and share relevant information about financial assets held by the citizens of other countries in their tax jurisdic
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FAQ :
The CBDT is reviewing the status of follow-up actions under the Exchange of Information framework, specifically focusing on financial data received from Switzerland.
India receives information about foreign assets and income from over 100 tax jurisdictions, including Switzerland, through various exchange of information mechanisms, such as the Automatic Exchange of Information (AEOI) framework.
Switzerland has been providing annual financial information about Indian residents since 2018 under the Automatic Exchange of Information (AEOI) framework, with the first data transmission occurring in September 2019.
The CBDT systematically reviews the received data to identify taxpayers requiring further verification. This can involve search and survey actions, open enquiries, and comparing AEOI data with declared foreign assets and income in Income Tax Returns (ITRs).
For AY 2024-25, the review led to 24,678 taxpayers reviewing their ITRs and 5,483 filing belated returns, reporting foreign assets valued at Rs. 29,208 crores and additional income of Rs. 1,089.88 crores. This resulted in a 45.17% growth in taxpayers reporting foreign assets and income compared to the previous year.
Suitable action under the extant provisions of law is under consideration for non-responsive taxpayers. In cases of continued non-compliance, enforcement and statutory actions are being taken as per law.
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