: IT Dept to share taxpayer info with 10 central intelligence under NATGRID #FinanceIndia #StockMarketNEWS I-T Dept to share taxpayer info with 10 central intelligence under NATGRID New Delhi, July

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IT Dept to share taxpayer info with 10 central intelligence under NATGRID #FinanceIndia #StockMarketNEWS
I-T Dept to share taxpayer info with 10 central intelligence under NATGRID New Delhi, July 25 (KNN) The Income Tax Department (IT) will share PAN and bank account details of any entity with 10 investigative and intelligence agencies under the integrated counter-terrorism platform National Intelligence Grid (NATGRID).

Information like permanent account number (PAN), Tax Deduction and Collection Account Number (TAN), bank account details, summary of IT Returns and tax deducted at source (TDS) and “any other information as mutually agreed” will be shared with the 10 agencies, said an order dated July 21 by the Central Board of Direct Taxes (CBDT).

These 10 agencies are: Central Bureau of Investigation, Directorate of Revenue Intelligence, Enforcement Directorate, Central Board of Indirect Taxes and Customs, Cabinet Secretariat, Intelligence Bureau, Directorate General of GST Intelligence, Narcotics Control Bureau, Financial Intelligence Unit and the National Investigation Agency.

While furnishing the information, the specified income-tax authority shall form an opinion that sharing of such information is necessary for the purposes of enabling the above-mentioned agencies/bodies to perform its functions under their respective laws, the order read further.

It further said that to facilitate the process of furnishing and receiving information, Principal Director General of Income tax (Systems) would enter into a Memorandum of Understanding (MoU) with NA TGRID which interalia would include the mode of transfer of data, maintenance of confidentiality, mechanism for safe preservation of data, weeding out after usage etc.

The timeline for furnishing information shall also be decided by Pr Director General of Income-tax (Systems) in consultation with NATGRID and included in the said MoU, it added.

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