Home Circulars & Notifications CBDT Notifies ‘Scheduled Commercial Banks’ u/s 138 for Sharing of Information

CBDT Notifies ‘Scheduled Commercial Banks’ u/s 138 for Sharing of Information

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The Central Board Direct Taxes (CBDT) on Monday allowed sharing of information by income tax authorities with scheduled commercial banks.

In a notification dated August 31, the CBDT included ‘scheduled commercial banks’, listed in the second schedule of the Reserve Bank of India Act, 1934, under Section 138 of Income Tax Act for sharing of information.

“In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961, the Central Government hereby specifies “Scheduled Commercial Banks” listed in the Second Schedule of the Reserve Bank of India Act, 1934 for the purposes of the said clause,” the Board said in a notification.

Section 138 of the Income Tax Act empowers income tax authorities to share information/ details of its taxpayers with other agencies.

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