Income tax department taking action for non-responsive taxpayers having foreign income, says Finance Ministry

Finance Ministry on Friday said CBDT is taking action against people having foreign income and as many as 5,483 taxpayers have filed belated returns reporting foreign assets worth Rs 29,208 crore and additional income of Rs 1,089.88 crore.

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NEW DELHI:

Suitable action under the extant provision of law is under consideration for non-responsive taxpayers, the finance ministry said in a statement.

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 (nearly Rs 37,600 crore) 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.

The ministry statement said that a total of 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed their belated return for the assessment year (AY) 2024-25, reporting foreign assets of Rs 29,208 crore and additional foreign income of Rs 1,089.88 crore.