Latest news with #ITRs
News18
7 hours ago
- Business
- News18
Finance Ministry Clarifies Reports On Swiss Bank Deposits; Know What It Says
Last Updated: The Finance Ministry addresses reports on Indian deposits in Swiss banks, highlighting efforts to curb offshore tax evasion via international cooperation and data sharing. The Ministry of Finance has clarified recent media reports regarding a rise in deposits by Indian entities in Swiss bank accounts, highlighting the government's ongoing efforts to curb offshore tax evasion through international cooperation and data sharing. In a statement, the ministry said India has been receiving annual financial account information from Switzerland under the Automatic Exchange of Information (AEOI) framework since 2018, with the first data exchange taking place in September 2019. The data shared includes details even on accounts suspected of financial irregularities. '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 finance ministry said. The Central Board of Direct Taxes (CBDT) regularly undertakes a systematic review of data so received and identifies taxpayers, whose cases require further verification. Such verification is carried out through different modes, including search and survey actions, open enquiries, etc, it added. 'For AY 2024-25, CBDT compared the data shared under AEOI with the information about foreign assets and income filed in the ITRs by the taxpayers, for the purpose of verification. The analysis covered all jurisdictions, including Switzerland. Additionally, SMS and Emails were sent to various taxpayers with a request to review their ITRs, where foreign assets and income were not reported in the appropriate Schedules of ITR," it added. Following this, 24,678 taxpayers reviewed their ITRs, and 5,483 filed belated returns, disclosing foreign assets worth Rs 29,208 crore and additional foreign income of ₹1,089.88 crore. The ministry said appropriate legal action is being considered against those who failed to respond. The initiative has significantly boosted compliance. For AY 2024-25, 2.31 lakh taxpayers reported foreign assets and income, a sharp 45.17% rise compared to 1.59 lakh in AY 2023-24. The Finance Ministry attributed the improvement to increased awareness and a data-driven compliance strategy, and reiterated its commitment to pursuing enforcement against non-compliant taxpayers under existing laws. 'It is further stated that Switzerland has been providing annual financial information about Indian residents since 2018 under the Automatic Exchange of Information (AEOI) framework. The first data transmission to Indian authorities occurred in September 2019, and the exchange has continued regularly since then, covering even those accounts suspected of involvement in financial irregularities," the ministry said. First Published: June 21, 2025, 10:10 IST
India.com
9 hours ago
- Business
- India.com
CBDT Scanner On Swiss Accounts Leading To Higher Tax Declarations In Revised ITRs
New Delhi: The Central Board of Direct Taxes on Friday said that it regularly receives detailed financial data under global tax cooperation frameworks, including the Automatic Exchange of Information (AEOI) with over 100 jurisdictions, including Switzerland, which it uses to verify ITRs filed by Indian taxpayers. As a result, a total of 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed their belated return for the A.Y. 2024- 25, reporting foreign assets valued at Rs 29,208 crore and additional income of Rs 1,089.88 crore as foreign income. Suitable action under the extant provision of law is under consideration for non-responsive taxpayers. The initiative has resulted in substantial growth of taxpayers reporting foreign assets and income in ITR for AY 2024-25. A total of 2.31 lakh taxpayers have reported their foreign assets and income in AY 2024-25, witnessing a growth of 45.17 per cent over 1.59 lakh taxpayers in AY 2023-24, the CBDT statement said. Adding further, SMS and emails were sent to various taxpayers with a request to review their ITRs, where foreign assets and income were not reported in the appropriate Schedules of ITR. The statement has been issued following some media reports that 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 jurisdiction, the statement said. As a part of these mechanisms, India regularly receives information about such foreign accounts and assets from 100+ tax jurisdictions. India also receives information about foreign assets and income being maintained in Switzerland, through different mechanisms of exchange of information. It is further stated that Switzerland has been providing annual financial information about Indian residents since 2018 under the Automatic Exchange of Information (AEOI) framework. The first data transmission to Indian authorities occurred in September 2019, and the exchange has continued regularly since then, covering even those accounts suspected of involvement in financial irregularities. The Central Board of Direct Taxes (CBDT) regularly undertakes a systematic review of data received and identifies taxpayers, whose cases require further verification. Such verification is carried out through different modes, including search and survey actions, open enquiries, the statement added. It is noticed that on account of various awareness initiatives and a system-driven approach, taxpayers are voluntarily declaring their foreign assets and income and are also revisiting their ITRs to offer correct income, the statement added.
India Gazette
18 hours ago
- Business
- India Gazette
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)
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Business Standard
19 hours ago
- Business
- Business Standard
CBDT acts against non-filers with foreign income, assets worth ₹29,000 cr
Finance Ministry on Friday said CBDT is taking action against people having foreign income and as many as 5,483 taxpayers have filed belated returns reporting foreign assets worth Rs 29,208 crore and additional income of Rs 1,089.88 crore. Suitable action under the extant provision of law is under consideration for non-responsive taxpayers, the finance ministry said in a statement. The finance ministry's statement comes amid reports that money deposited in bank accounts of Indian entities in Switzerland has increased in 2024. Indian money parked in Swiss banks more than tripled in 2024 to 3.5 billion Swiss francs (nearly Rs 37,600 crore) on the back of a huge jump in funds held through local branches and other financial institutions, annual data released by Switzerland's central bank showed on Thursday. The ministry statement said that a total of 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed their belated return for the assessment year (AY) 2024-25, reporting foreign assets of Rs 29,208 crore and additional foreign income of Rs 1,089.88 crore. The initiative has resulted in substantial growth of taxpayers reporting foreign assets and income in ITR for AY 2024-25, it said, adding that a total of 2.31 lakh taxpayers have reported their foreign assets and income in AY 2024-25, witnessing a growth of 45.17 per cent over 1.59 lakh taxpayers in AY 2023-24. On account of various awareness initiatives and a system-driven approach, taxpayers are voluntarily declaring their foreign assets and income and are also revisiting their ITRs to offer correct income, it said. In cases of continued non-compliance, the statement said, enforcement and statutory actions are being taken as per the law. For AY 2024-25, it said, the Central Board of Direct Taxes (CBDT) compared the data shared under Automatic Exchange of Information (AEOI) with the information about foreign assets and income filed in the ITRs by the taxpayers, for the purpose of verification. The analysis covered all jurisdictions, including Switzerland, it said, adding that additionally, SMS and emails were sent to various taxpayers with a request to review their ITRs, where foreign assets and income were not reported in the appropriate Schedules of ITR. In order to combat 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. India regularly receives information about foreign accounts and assets from more than 100 tax jurisdictions. Additionally, India receives information about foreign assets and income being maintained in Switzerland, through different mechanisms of exchange of information, the finance ministry statement said. It is further stated that Switzerland has been providing annual financial information about Indian residents since 2018 under the AEOI framework. The first data transmission to Indian authorities took place in September 2019, and the exchange has continued regularly since then, it said. The CBDT regularly undertakes a systematic review of data so received and identifies taxpayers, whose cases require further verification, it said. Such verification is carried out through different modes, including search and survey actions, open inquiries, etc, it added.
Mint
19 hours ago
- Business
- Mint
Record foreign asset disclosures as govt steps up scrutiny: Finance ministry
New Delhi: The Union ministry of finance on Friday said it is intensifying scrutiny of foreign assets and income held by Indian residents, using global tax information-sharing frameworks. This crackdown has caused a record number of taxpayers to disclose offshore holdings in their income tax filings for the assessment year (AY) 2024–25, it said in a statement. The ministry said that the Central Board of Direct Taxes (CBDT) conducted a comprehensive comparison of financial data received from over 100 countries under the Automatic Exchange of Information (AEOI) mechanism with the foreign asset and income disclosures made in income tax returns (ITRs). This exercise covered all major jurisdictions, including Switzerland. In cases where discrepancies were detected—such as unreported or underreported offshore holdings—the tax department proactively reached out to taxpayers through SMS and emails, urging them to review and update their filings. 'As a result, a total of 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed their belated return for the AY24-25, reporting foreign assets valuing to ₹ 29,208 crores and additional income of ₹ 1,089.88 crores as foreign income,' the finance ministry said. 'Suitable action under the extant provision of law is under consideration for non-responsive taxpayers,' it added. The ministry's announcement came in the backdrop of a PTI report citing data from the Swiss National Bank, which showed that Indian funds in Swiss banks more than tripled in 2024 to Swiss Franc (CHF) 3.5 billion (around ₹ 37,600 crore)—marking the highest level since 2021, when deposits peaked at CHF 3.83 billion. The sharp rise was attributed largely to an increase in funds held through local branches and financial institutions. However, customer deposits—direct holdings by Indian clients—rose by a modest 11% to CHF 346 million ( ₹ 3,675 crore), accounting for only about one-tenth of the total. This increase comes after a steep 70% plunge in Indian deposits in 2023, when the total fell to a four-year low of CHF 1.04 billion. The government's data-driven enforcement has led to a surge in compliance. A total of 231,000 taxpayers reported foreign assets and income in assessment year 2024–25, up 45.17% from 159,000 in the previous year, the ministry noted. The government's intensified use of international data-sharing agreements, along with targeted outreach and enforcement, appears to be driving greater transparency and voluntary compliance among taxpayers with offshore assets. Enforcement actions are underway for those who continue to remain non-compliant, the ministry said.
