Ministry of Finance addresses recent report on Swiss Bank Deposit
New Delhi [India], June 20 (ANI): The Ministry of Finance on Friday addressed recent media reports concerning an increase in money deposited by Indian entities in Swiss bank accounts, providing an update on India's ongoing efforts to combat offshore tax evasion through international exchange of information.
'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 jurisdiction,' the ministry of Finance said.
The ministry further added that, under the Automatic Exchange of Information (AEOI) framework, with Switzerland providing annual financial information to Indian authorities since 2018. The first data transmission occurred in September 2019 and has continued regularly, encompassing even accounts suspected of financial irregularities.
The Central Board of Direct Taxes (CBDT) regularly undertakes a systematic review of data so received and identifies taxpayers, whose cases require further verification. Furthermore, such verification is carried out through different modes, including search and survey actions, open enquiries, etc.
For the Assessment Year (AY) 2024-25, the CBDT compared AEOI data with information about foreign assets and income reported by taxpayers in their Income Tax Returns (ITRs), covering all jurisdictions, including Switzerland. Furthermore, SMS and emails were dispatched to taxpayers who had not reported foreign assets and income in the appropriate ITR schedules, urging them to review their filings.
A total of 24,678 taxpayers reviewed their ITRs, and 5,483 taxpayers subsequently filed belated returns for AY 2024-25. These belated returns collectively reported foreign assets valued at Rs. 29,208 crores and additional foreign income of Rs. 1,089.88 crores. The Ministry stated that suitable action under existing law is being considered for non-responsive taxpayers.
The initiative has led to a substantial increase in taxpayers reporting foreign assets and income. For AY 2024-25, a total of 2.31 lakh taxpayers reported their foreign assets and income, marking a growth of 45.17 per cent compared to 1.59 lakh taxpayers in AY 2023-24.
The Ministry attributed this positive trend to various awareness initiatives and a system-driven approach, which are encouraging taxpayers to voluntarily declare their foreign assets and income and revise their ITRs to ensure accurate reporting. The government reiterated its commitment to taking enforcement and statutory actions as per extant law in cases of continued non-compliance. (ANI)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
36 minutes ago
- Time of India
Panbazar road overbridge to be ready by July: NFR
Guwahati: Construction of the Panbazar road overbridge (ROB), which began last year, is expected to be completed by July, Northeast Frontier Railway (NFR) officials said. The bridge is likely to ease traffic congestion in the Paltan Bazar and Panbazar areas, two of the city's oldest cosmopolitan areas. Tired of too many ads? go ad free now "As of now, concretisation work on the bridge's approaches is going on. But most of the work has been completed, including laying the foundational structures, significant fabrications, and placing the bow string girders. Advanced sub-soil strengthening through geo-cell technology has also been completed. The project is expected to be complete by July this year," said Kapinjal Kishore Sharma, chief public relations officer, NFR. The construction work of the ROB has not been progressing on a smooth note. The CPRO said the presence of the fire brigade station posed a challenge in the stacking of construction materials, limiting workspace efficiency. Approximately Rs 48 crore in cost, the project was undertaken by a Kolkata-based construction company to facilitate the smooth movement of the electric locomotives as part of the NFR's ongoing electrification process, where high-voltage lines have been installed. However, the old ROB, which was built in 1965, had turned into a 'dead wire zone'. The area under the bridge was a neutral point, and since it was not charged, it restricted the speed permanently to 15 km/h. As a result, locomotives approaching Guwahati railway station failed to maintain the required momentum, causing them to halt in that area. "Waterlogging also used to be a recurring challenge, especially during heavy rains, causing signal failures and disruptions. Tired of too many ads? go ad free now With the necessary adjustments to this project, the lifted track levels will prevent waterlogging, ensuring smooth operations even during monsoons," Sharma said. He added that the new ROB will aim to address the limitations of its predecessor while introducing significant enhancements. With a span of 60 meters, it will provide improved vertical and horizontal clearance. It will also feature a three-lane wide road replacing its two-lane limitations, which will increase its capacity to handle higher volumes of road traffic as well, thus ensuring a smoother transportation system for commuters.
Time of India
36 minutes ago
- Time of India
When Dr Radhakrishnan gave away degrees under tent at IIT-Kanpur
Lucknow: When RBI governor, Sanjay Malhotra, returns to his alma mater, IIT-Kanpur, on June 23 to address the premier institute's 58th convocation at its sprawling auditorium, the event will mark the institute's memorable journey from its humble beginnings. Tired of too many ads? go ad free now The institute's first convocation was held under a tent in 1965 and addressed by the then President of India, . The event saw 66 members of the institute's first graduating class conferred the BTech degrees. Dr PK Kelkar, founder director of IIT-K, presided over the function and gave a report on the growth and prospects of the institute. Among the many speeches on the occasion, Kelkar's was the most memorable. IIT-K has come a long way since its inception in 1959. From its humble beginnings in a borrowed room at Harcourt Butler Technological Institute, it has grown to become a premier institution, now situated on a sprawling 420-hectare campus located on the Grand Trunk Road, around 15km west of Kanpur city. Land for the institute was gifted by the govt of Uttar Pradesh in 1960 and, by March 1963, it had shifted to its current location. Today, IIT-Kanpur is renowned for its academic excellence, research, and innovation. A visit to the campus back then would have revealed a serene landscape featuring standing crops, acacia woods, a picturesque line of stately mango trees, flocks of peafowl roaming freely, and a quintessential Indian countryside scene. This idyllic setting made a perfect blend of natural beauty and rustic charm. The campus is designed with a focus on environmental freedom, featuring halls of residence, faculty and staff houses, and community buildings. Tired of too many ads? go ad free now All these are strategically arranged around the central academic area to facilitate flexibility in movement and easy communication. The institute's inaugural batch, the Class of 65, produced some illustrious technocrats and business honchos in the country like Abhay Bhushan, a computer scientist who has been a major contributor to the development of the internet TCP/IP architecture and is the author of the File Transfer Protocol, Suresh Pandey (former director, Bokaro Steel Plant), and Vinay Kumar Modi (Director of Modi Industries Limited). The batch members recall how they departed from the campus in May 1965 and were waiting to hear when the convocation would be held. Finally, they received invitations by India Post. By then many batchmates had left for studies abroad and some of the ones in India could not attend because of work or personal issues. A few of them, though, did make it to Kanpur to receive their degrees. IIT-K made arrangements for them to be picked up at the railway station and they were lodged at the Visitors' Hostel. Abhay Bhushan, chairman of Asquare Inc and part of IIT-K's 1965 batch, reminisces: "The convocation was planned for the afternoon, from 3pm to 5.30pm. We, the graduating students, were asked to arrive by 1.30pm to collect our gowns and caps and to get instructions on walking in the procession. In all, 67 BTech and 5 PhD degrees were awarded." "During the convocation, several speeches were given. Of note was Dr Kelkar's speech where he recalled what we, as the pioneer batch, had been through and how we were better educated to handle whatever our profession and life may have to offer. He said that the faith that they have shown in the future of the institute has been a real source of inspiration," Bhushan said. The Class of 1965 gifted IIT-K Rs 2.5 crore during its Diamond Jubilee Reunion celebrations in March. The batch pledged this amount towards creating a "Pioneering Research and Innovation Award" at the institute. Talking to TOI, the institute's present director, Professor Manindra Agrawal, said: "This year, we are celebrating the 58th convocation. Over the years, the institute has come a long way in contributing to the nation's technology and innovation landscape, as well as shaping bright minds. As an alumnus myself, every convocation here is nostalgic."
Time of India
36 minutes ago
- Time of India
ICICI sought to acquire HDFC, reveals chairman Deepak Parekh
Former HDFC chairman Deepak Parekh and ICICI Bank chief Chanda Kochhar MUMBAI: Former HDFC chairman Deepak Parekh, in a candid disclosure, said that then ICICI Bank chief Chanda Kochhar had proposed a merger between the two lenders - well before HDFC's eventual reverse merger with its banking subsidiary. During an interaction with Kochhar on her channel, Parekh said: "I remember you talking to me once. I remember it very clearly. It's never been talked about in public, but I'm willing to share it now. You said that ICICI started HDFC. 'Why don't you come back home?' That was your offer." Parekh said he declined the offer, saying "it won't be fair" or "proper with our name and the bank and all". Parekh said the eventual merger with HDFC Bank, completed in July 2023, was driven mainly by regulatory pressure. RBI had classified NBFCs like HDFC, then holding assets over Rs 5 lakh crore, as systemically important, breaching the Rs 50,000-crore threshold. "RBI supported us and they pushed us into it to some extent and they helped us," he said. However, he added that there were "no concessions, no relief, no time, nothing". Describing the day the merger concluded, Parekh called it "a sad day and a happy day". He said, "It's good for the institution. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 180k traders turn to IC Markets for optimum CFD trading conditions IC Markets Sign Up Undo It's good for the country to have large banks. Look at how large Chinese banks are. We have to be bigger, larger in India." Parekh believes that Indian banks must grow through acquisitions to become stronger in future. On broader economic concerns, Parekh cited persistent uncertainty in supply chains, trade policy, and export conditions as top CEO concerns. Calling insurance the "least understood product", Parekh criticised "mis-selling by banks" driven by high upfront commissions. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
