Reporting of foreign assets, income up in FY24: Finance minister – OXBIG NEWS NETWORK-OxBig News Network

New Delhi: The finance ministry on Friday said there was a substantial increase in reporting of foreign assets and income, with 2.3 lakh taxpayers disclosing it in their returns in 2023-24, a jump of 45% over the previous year.Amid media reports of an increase in deposits in Swiss bank accounts rising to Swiss Franc 3.5 billion (Rs 37,600 crore), the finance ministry said the amount included funds deposited by companies, banks, and individuals.It asserted that govt has been receiving annual financial information about Indian residents through the automatic exchange of information, including accounts suspected to be involved in financial irregularities. The Central Board of Direct Taxes was undertaking a “systematic review, including verification of returns through multiple modes, including open enquiries, search, and seizure,” the department said.CBDT used the information to cross-check with the returns filed and sought a review of the returns of 24,678 taxpayers, of which 5,483 filed belated returns, reporting foreign assets of Rs 29,208 crore and additional foreign income of Rs 1,090 crore.