New Delhi: The Income Tax department is all set to receive details of Indians with accounts in Switzerland today- with the automatic exchange of information regime kicks off between the two countries.

The IT department also tweeted on the same, “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.”

A delegation from Switzerland led by the deputy head of the tax division in the state secretariat for international finance Nicolas Mario Luscher called on Revenue Secretary AB Pandey, CBDT Chairman PC Moody and CBDT Member (Legislation) Akhilesh Ranjan on August 29-30 for the same purpose.

The first financial information exchange was set for the first week of September and is thereby taking place as scheduled.

The information that the Indian Income Tax Department will get today will also those accounts that were closed during 2018.

During the meeting between top tax officials of both nations earlier in August emphasised on the need to take this step and how specific requests on some accounts could be made in the future if needed.

“Enhancing collaboration in offshore tax compliance matters was also discussed,” a CBDT official was quoted earlier.

 

With inputs from PTI