Refuting claims that black money held by Indians in Swiss banks has grown over three times, the government said the Central Board of Direct Taxes (CBDT) has unearthed foreign assets worth ₹29,208 crore and foreign income of ₹1,089 crore in the assessment year 2024-25. On reports alluding that money deposited in bank accounts of Indian entities in Switzerland has increased, the ministry said the data pertains to different types of funds, including deposits from enterprises, banks and individuals.

The Ministry of Finance said that Switzerland has been providing annual financial information about Indian residents since 2018 under the Automatic Exchange of Information (AEOI) framework, and the CBDT regularly undertakes a systematic review of data received. It identifies taxpayers whose cases require further verification carried out through different modes, including search and survey actions, open enquiries, among others.

“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 Ministry of Finance said.

“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 crores and additional income of ₹1,089.88 crores as foreign income. Suitable action under the extant provision of law is under consideration for non-responsive taxpayers,” the ministry said.

The CBDT analysis covered all jurisdictions, including Switzerland. The apex tax body has sent SMS and Emails to various taxpayers to review their ITRs, where foreign assets and income were not reported in the appropriate Schedules of ITR.

“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% over 1.59 lakh taxpayers in AY 2023-24,” the ministry said.

The ministry said 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. “In cases of continued non-compliance, enforcement and statutory actions are being taken as per extant law,” it added.

“In this context, it is stated that 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. As a part of such 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,” the ministry added.