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India Intensifies Offshore Asset Scrutiny as Foreign Disclosures Surge

Leveraging data shared by over 100 jurisdictions under the AEOI framework, officials have prompted more than 231,000 taxpayers to declare overseas holdings.

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Overview

  • 231,000 taxpayers reported foreign assets and income for assessment year 2024–25, marking a 45.17% year-on-year increase.
  • Data from the Swiss National Bank shows funds held by Indian residents in Swiss banks more than tripled last year to CHF 3.5 billion.
  • The CBDT matched financial records from over 100 jurisdictions under the Automatic Exchange of Information mechanism against ITR disclosures to identify discrepancies.
  • Following SMS and email outreach, 24,678 taxpayers revised their returns and 5,483 filed belated returns reporting offshore assets worth ₹29,208 crore and additional income of ₹1,089.88 crore.
  • The finance ministry has signaled plans to invoke legal measures against taxpayers who fail to disclose foreign assets.