New Delhi: Amidst the ongoing speculation in the media regarding the alleged increase in the amount deposited by Indian institutions in Swiss bank accounts, the Indian government on Friday clarified that these figures include funds of companies, banks and individuals and should not be seen separately. Explain that in some media reports it was claimed that the deposits in Indian bank accounts in Switzerland have increased. On this, the Income Tax Department made it clear that India regularly receives such information from more than 100 countries, including Switzerland.
This trend continues from September 2019
According to the department, Switzerland is giving information about the financial accounts of Indian residents from 2018 under the Automatic Exchange of Information (AEOI) every year. This information was first received in September 2019 and since then this series has been going on regularly. It also includes information about accounts that are suspected of financial disturbances. The Income Tax Department said that the information received for 2024-25 was compared to the foreign assets and income given by the taxpayers in the Income Tax Return (ITR). The taxpayers who did not inform their foreign property and income in ITR were asked to review the returns through SMS and email.
What was the effect of the government’s initiative?
This initiative had a big impact. A total of 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed late returns, giving foreign assets worth Rs 29,208 crore and additional foreign income of Rs 1,089.88 crore. Legal action is being considered against the taxpayers who are still not responding. Due to the awareness campaign and system based approach of the Income Tax Department, 2.31 lakh taxpayers informed about their foreign assets and income in 2024-25, which is 45.17% more than 1.59 lakh taxpayers of last year (2023-24).
Legal action against those who do not follow the rules
The department said that taxpayers are now voluntarily giving information about their foreign property and income and fixing their returns. However, strict action is being taken against the taxpayers who are still not following the rules under the law.
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