Quick Summary
The Income Tax Department has taken enforcement action against non-compliant individuals holding undisclosed foreign income and assets. The Ministry of Finance revealed on Friday that 5,483 taxpayers have filed belated returns for Assessment Year (AY) 2024-25, disclosing foreign assets worth Rs 29,2
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FAQ :
The Income Tax Department has uncovered Rs 29,208 crore in undisclosed foreign assets and Rs 1,089.88 crore in additional foreign income.
5,483 taxpayers filed belated returns for Assessment Year 2024-25, disclosing these foreign assets and income.
The increase in scrutiny follows fresh data showing Indian money parked in Swiss banks has surged more than threefold in 2024, reaching 3.5 billion Swiss francs.
The department has used system-generated alerts, targeted SMS and email reminders, awareness campaigns, and data analytics to match ITR disclosures with information received under the Automatic Exchange of Information (AEOI) framework.
The AEOI framework is an international regime where countries share financial account information. India receives this information from over 100 countries, including Switzerland since 2018, to track offshore holdings.
In cases of continued non-compliance, enforcement and statutory actions are being taken as per extant law.
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