The Central Board of Direct Taxes vide its notification dated 31st August 2020 has allowed sharing of information by income tax authorities with scheduled commercial banks.
Under Section 138(1)(a)(i) of the Income-tax Act, 1961 the Board or any other income-tax authority specified by it by a general or special order in this behalf may furnish or cause to be furnished to such officer, authority, or body performing functions under any other law as the Central Government may, if in its opinion it is necessary so to do in the public interest, specify by notification in the Official Gazette in this behalf, any such information received or obtained by any income-tax authority in the performance of his functions under this Act, as may, in the opinion of the Board or other income-tax authority, be necessary for the purpose of enabling the officer, authority or body to perform his or its functions under that.
Therefore through this notification CBDT has specified Scheduled Commercial Banks for disclosure of information respecting assesses under Section 138(1)(a)(i) of the Income Tax Act, 1961.
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