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Central Board of Direct Taxes Chairman Nitin Gupta said Income Tax Department will analyse bank accounts of Indian nationals and organisations it received from Swiss Bank and will take action under black money Act in case any tax evasion was found.
The Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said the Income Tax Department will analyse the bank accounts of Indian nationals and
India has received a new set of Swiss bank account details as part of an annual automatic information exchange. Switzerland has shared information on nearly 3.6 million financial accounts with 104 countries. This is the fifth such exchange between Switzerland and India, with the new details including hundreds of accounts associated with individuals, corporates, and trusts.
The exchanged information allows tax authorities to verify whether taxpayers have correctly declared their financial accounts in their tax returns