Swiss Bank Exposes Indian Black Money

It is an open secret that numerous Indian millionaires hold black money in Swiss banks. Safe havens are where lakhs of crores are said to have been stashed. Switzerland is one of the tax havens.

Last year, Swiss authorities shared information about several Indian nationals and organizations who have bank accounts in the Swiss Bank. In his latest interview, CBDT Chairman Nitin Gupta said that those accounts have been scrutinized to detect possible tax evasions.

Any assets in foreign countries have to be disclosed to the Income Tax Department and other tax authorities. If not done, it tantamounts to false filing.