Increase in Foreign Assets Reporting by Indian Taxpayers
The Ministry of Finance reports a significant rise in the declaration of foreign assets and income by Indian taxpayers for the assessment year 2024-25, attributed to enhanced cooperation and information exchange with Switzerland and other jurisdictions. The Central Board of Direct Taxes (CBDT) has identified and verified numerous cases of non-compliance, leading to increased voluntary disclosures and enforcement actions against non-responsive taxpayers.
Source: Original Link