Income Tax Dept Uncovers Rs 29,208 Crore in Undisclosed Foreign Assets via Belated Returns

Last updated: 23 June 2025

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The Income Tax Department has uncovered a significant amount of undisclosed foreign assets and income totalling Rs 29,208 crore and Rs 1,089.88 crore respectively, following the filing of belated returns by 5,483 taxpayers. This action comes amid a substantial increase in Indian money held in Swiss banks. The department's system-driven approach, utilising data analytics and international information exchange, has led to a 45.17% rise in reported foreign assets and income, encouraging voluntary compliance and deterring tax evasion.

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 29,208 crore and additional foreign income of Rs 1,089.88 crore. The development follows fresh data from the Swiss National Bank showing that Indian money parked in Swiss banks surged more than threefold

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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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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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