JNS: From September 1, 2019 India will start receiving information on all financial accounts held by Indian residents in Switzerland, for the year 2018.
“India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland. This will be a significant step in the Government’s fight against black money as the era of Swiss bank secrecy will finally be over,” said Income Tax Department in a tweet on August 31.
The Central Board of Direct Taxes (CBDT) said in a statement, “India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland.” The information will include accounts that were closed during 2018.
During the meeting between a Swiss delegation and CBDT officials, both discussed the bilateral exchange of information matters to expedite the execution of tax information-sharing requests made by India in specific cases, it said.
Notably, In 2016, India and Switzerland had signed an information-sharing deal on bank accounts, which was to come into effect from September 2019.
