Income Tax Department to Analyze Swiss Bank Accounts: CBDT Chairman

Income Tax Department to Analyze Swiss Bank Accounts: CBDT Chairman

VoM News Desk | October 11, 2023 | 02:24 PM IST | Breaking News, Crime | Follow on Google News

Income Tax Department to Analyze Swiss Bank Accounts: CBDT Chairman

Income Tax Department to Analyze Swiss Bank Accounts: CBDT Chairman

Nitin Gupta, Chairman of the Central Board of Direct Taxes (CBDT), has announced that the Income Tax Department will analyze bank accounts held by Indian nationals and organizations that have been shared by Swiss Bank as part of the annual automatic information exchange. The department will take action under the black money Act if any tax evasion is detected.

Switzerland has shared information on nearly 36 lakh financial accounts with 104 countries, including India. This exchange of information, which marks the fifth tranche, is part of the annual automatic information exchange process. The first exchange with India occurred in 2019.

Action against Tax Evasion

The Income Tax Department will scrutinize the information received from Swiss authorities. If Indian nationals have assets in foreign countries and have not reported them to the Income Tax department, the department will take action against such individuals under the black money act.

India and Switzerland entered into an Automatic Exchange Of Information (AEOI) agreement in 2018 to enhance tax discipline and prevent potential tax evasion. This annual exchange of information allows countries to verify whether taxpayers have accurately declared their foreign financial accounts in their tax returns.

Swiss Ambassador’s Statement

In early January 2023, Switzerland’s ambassador to India, Ralf Heckner, stated that the black money issue had been addressed through a bilateral treaty between Switzerland and India, which includes an automatic exchange of banking information. He noted that black money was no longer a significant issue.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.