India Sees 45% Surge in Foreign Asset Disclosures: Return Filings Highlights Impact of Finance Ministry's Global Tax Enforcement Measures

Delhi, India - June 21, 2025 - In a recent official press release dated June 20, 2025, the Ministry of Finance, Government of India, revealed a significant increase in the number of Indian taxpayers reporting foreign assets and income in their income tax returns (ITRs). This announcement provides the latest and most authentic update on India's global tax compliance efforts under international information-sharing frameworks.

The Ministry clarified that media reports about increased Indian deposits in Swiss banks must be viewed in the context of international cooperation on tax matters. India is an active participant in the Automatic Exchange of Information (AEOI) framework, under which over 100 jurisdictions-including Switzerland-share financial account information with Indian tax authorities. Switzerland has been providing such data annually since 2019.

The Central Board of Direct Taxes, India's apex direct tax authority, analyzed this AEOI data against income tax filings for Assessment Year 2024-25. In cases where foreign income or assets were not properly declared, SMS and email alerts were sent to taxpayers. As a result, 24,678 individuals reviewed their ITRs, and 5,483 belated returns were filed. These additional disclosures included foreign assets worth INR 29,208 crores (approx. USD 3.5 billion) and foreign income totaling INR 1,089.88 crores (approx. USD 130 million).

Overall, 2.31 lakh (231,000) Indian taxpayers disclosed foreign assets and income in AY 2024-25-marking a 45.17% increase over the previous year. This trend underscores the growing impact of data-driven enforcement, international cooperation, and awareness among Indian taxpayers.

In light of this development, Return Filings, a leading Indian compliance and tax advisory platform, is urging taxpayers to carefully review their filings and make timely disclosures. "This announcement by India's Ministry of Finance demonstrates the reach of global financial transparency," said a spokesperson for Return Filings. "Anyone holding overseas assets-whether bank accounts, foreign property, or investments-must ensure complete and accurate reporting in their tax returns to avoid legal consequences."

Return Filings assists Indian residents, Non-Resident Indians (NRIs), professionals, and businesses in navigating complex tax disclosure requirements, especially those involving cross-border income and foreign-held assets. More information can be found at https://www.returnfilings.com

As enforcement intensifies, voluntary and accurate reporting remains the most effective way to remain compliant under Indian tax law.

Return Filings
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Ghaziabad, UP - 201001, India
Phone: +91-9910123091
Email: info@returnfiling.com
Website: https://www.returnfilings.com
Contact Person: Pooja Garg, Founder - Return Filings

Return Filings is a technology-driven Indian platform offering expert services in income tax filing, GST, TDS, business registration, and corporate compliance. With a strong client base across India and abroad, the company helps individuals, NRIs, NGOs, and enterprises meet their tax and regulatory obligations. Return Filings also offers expert guidance on tax compliance, regulatory documentation, and ethical financial practices tailored for individuals, professionals, and businesses.

This release was published on openPR.