To assist SEBI, the Income Tax Department will provide taxpayer information

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Mumbai, Ta. 12 February 2020, Wednesday

The tax department, like Pan Information, will share the revenue with the Securities and Exchange Board of India (SEBI). This information will be provided to help SEBI in the investigation against various companies besides the companies involved in the stock market malpractices, an official order said.

The Central Board of Direct Taxes (CBDT), which has formulated a policy for the Department of Taxation, has issued an order on February 7 in this regard. There are mainly three things, namely the sharing of this information automatically and automatically, with the request based data.

To implement this decision, the SEBI and the Income Tax Department will soon sign agreements and will also devise a method for how to exchange data, keep it confidential and destroy it once it is used.

Sue Moto will provide information that is relevant to the stock market malpractice and any information that is required by SEBI. In the request-based information, the Income Tax Department will also provide information related to the PAN, including when the page was obtained, the date of birth of the holder, the name of the husband or father, photo etc.

The partnership firm will also provide the names and addresses of the partners, the information displayed in the IT return such as email id, mobile number, IP address on the filing of the IT return filed. The Income Tax Department will ensure that Sebi intends to use this information to perform its functions under the relevant laws.

Under the automatic exchange of data, the tax department will provide SEBI with the information contained in Form 3. In Form 1, a person gives a declaration in which he earns only through farming and has no other income to which the income tax is applicable.


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