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India to Find Swiss banking Particulars of Indians from September 1st

Banking particulars of Indians with balances from Switzerland will be accessible to tax authorities from Sunday since the automated exchange of information program kicks from the 2 nations.

The CBDT frames coverage for your Income-Tax Department. The automatic exchange of bank data (AEOI) under the terms common reporting standard will begin from September.

“India will get the advice of this calendar year 2018 regarding financial accounts held by Indian citizens in Switzerland,” that the CBDT said in a statement. The data will contain accounts which were closed throughout 2018. Throughout the meeting, the two sides discussed bilateral exchange of data matters to expedite implementation of taxation advice sharing requests made by India in certain circumstances, it stated.

“Improving alliance in foreign tax compliance issues was discussed,” that the CBDT stated.