Insta
CBDT Directs IT Department To Start Sharing Details Of Wilful Defauters With Public Sector Banks To Aid Loan Recoveries
Swarajya Staff
Jun 27, 2019, 11:26 AM | Updated 11:26 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
In a bid to tighten the noose on wilful loan defaulters, the Central Board of Direct Taxes (CBDT) on Wednesday (26 June) instructed the Income-Tax (IT) Department to share in "public interest" the details of assets and accounts of all such individuals with the public sector banks, reports Livemint.
For implementing the directive from CBDT, the IT department will be culling out the necessary information from the Income Tax Return (ITR) filed by the assesses. The CBDT also underscored that besides the statement of assets, the information such as bank account details, sundry debtors of the loan defaulter can also be made accessible to the public sector banks by the IT Department, if requested.
The sharing of information will be done under Section 138 (1) (b) of the IT Act which states that if a prescribed application is made to the jurisdictional Principal Chief Commissioner or Principal Commissioner of IT, he or she can furnish the information if they are satisfied that this sharing will public interest.
However, the CBDT also added that at the time of supply of such information, a confidentiality clause may be included specifying that the provided information would only be used for the purpose of loan recovery and would not be shared with any other person or agency.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.