Reporting of foreign assets, income up in FY24: Finance minister

The finance ministry reported a significant 45% increase in foreign asset and income disclosures, with 2.3 lakh taxpayers reporting in 2023-24. Amidst reports of increased Indian deposits in Swiss banks, the ministry clarified that the amount includes funds from companies, banks, and individuals. CBDT is actively reviewing returns and verifying information through multiple channels, including inquiries and searches.

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