Banking details of Indians with accounts in Switzerland will be available to tax authorities from today.
In a series of tweet, Central Board of Direct Taxes (CBDT) said, 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.
It said, the first automatic exchange of financial account information under Common Reporting Standard will start from this month.
India will receive information for 2018 in respect of all financial accounts held by Indian residents in Switzerland. The CBDT frames a policy for the Income-Tax Department.
