New Delhi: The Ministry of Finance of the Union said on Friday that it intensifies the control of foreign assets and income owned by the inhabitants, using global frames for tax sharing.
This intervention caused a record number of taxpayers to publish in their income tax on their coastal tax on the Coast Coastal share (AY) 2024–25, he said in a statement.
The Ministry stated that the Central Council of Direct Taxes (CBDT) made a comprehensive comparison of the financial data received from more than 100 countries within the mechanism of automatic information exchange (AEOI) with the publication of foreign assets and income in the tax return (ITRS).
This exercise concerned all the main jurisdictions, including Switzerland.
In cases where discrepancies have been detected – such as unmounted or insufficiently announced Offshore Holdings – the tax department actively addressed taxpayers via SMS AE -mails and urged them to review and update their filing.
Also read | Cabinet Secretariat to hear a taxpayer, tax merchants, customs authorities
“As a result, a total of 24,678 taxpayers reviewed their ITR and 5,483 taxpayers filed delayed revenues for AY24-25 and showed foreign assets that were awarded for the price £29,208 Crores and other income £1 089,88 Crores as a foreign income, ”said the Ministry of Finance.
“For non -re rights taxpayers, appropriate measures are considered according to the existing provision of law,” he added.
The Ministry’s announcement came against the background of the PTI report that quoted data from the Swiss National Bank, which showed that the Indian funds in Swiss banks in 2024 were more than tripled £37 600 crore) – marking the highest level since 2021, when deposits reached a peak at 3.83 billion CHF.
The sharp rise was mainly attributed to the increase in funds held through local branches and financial institutions. Customer Deposits – direct shares of Indian clients – however, about a modest 11% to 346 million CHF ( £3 675 crore), which represents only about one tenth of the total number.
This increase comes after a steep 70% decrease in Indian bearings in 2023, when the total amount dropped to a four -year minimum of CHF 1.04 billion.
Government enforcement of data has led to an increase in compliance.
The lesson noted a total of 231,000 taxpayers reported foreign assets and revenues in 2024–25, which is 45.17% of 159,000 in the previous year.
It seems that the government has intensified the use of international data sharing agreements along with targeted reach and recovery of leadership between taxpayers with taxpayers’ assets with the aim of greater transparency and voluntary compliance. The coercive measures take place for those who remain in line, the ministry said.
(Tagstotranslate) Central Council of Direct Taxes (T) Ministry of Finance (T) income tax
