New Delhi, June 20 -- The Union ministry of finance on Friday said it is intensifying scrutiny of foreign assets and income held by Indian residents, using global tax information-sharing frameworks.

This crackdown has caused a record number of taxpayers to disclose offshore holdings in their income tax filings for the assessment year (AY) 2024-25, it said in a statement.

The ministry said that the Central Board of Direct Taxes (CBDT) conducted a comprehensive comparison of financial data received from over 100 countries under the Automatic Exchange of Information (AEOI) mechanism with the foreign asset and income disclosures made in income tax returns (ITRs).

This exercise covered all major jurisdictions, including Switzerland.

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