Action against non-compliant taxpayers with foreign income

Tax Evasion

- FE BUREAU

THE INCOME TAX department is taking action against non-compliant people having foreign income, the finance ministry on Friday said, adding that as many as 5,483 taxpayers have filed belated returns reporting foreign assets worth ₹29,208 crore.

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 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.

"In cases of continued non-compliance, enforcement and statutory actions are being taken as per extant law," the ministry said.