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Jun 27, 2019
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Income Tax dept to share data on defaulters’assets with PSU banks
In what is likely to boost loan recovery efforts of public sector banks (PSBs), the Central Board of Direct Taxes (CBDT) has directed zonal heads of the income tax department (ITD) to share information related to assets and liabilities of defaulters with banks on their request. In a directive issued to principal chief commissioners of the IT department, the CBDT said an official of the commissioner rank and above can share such information with the applicant if the former is satisfied that it is in the public interest. I-T returns filed by individuals and Hindu Undivided Families (HUF) with total income in excess of Rs 50 lakh furnish particulars of assets and corresponding liabilities held at the end of the year. Amit Maheshwari, partner at Ashok Maheshwary & Associates, said: “This directive will only aid the public sector banks in their recovery efforts and not the private sector like Yes Bank, etc. Also, several defaulters may have already shifted their assets and may not hold significant assets in their name.”
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