Feb 13, 2020
I-T department to share taxpayers' PAN, other data with Sebi
The Income Tax (I-T) department will share all taxpayers' data like PAN (permanent account number) information with Sebi (Securities and Exchange Board of India) in order to help the capital market regulator in its probe against various entities, including those involved in 'stock market manipulation', an official order has said.
The Central Board of Direct Taxes (CBDT), which frames policy for the tax department, had issued an order in this context on February 10 under section 138 (1) of the I-T ACT.
The sharing of information will be under three broad heads: request-based exchange of data, suo moto and automatic.
The two organisations are expected to ink a Memorandum of of Understanding (MoU) soon in order to implement the decision and chalk out modalities of exchange of data, maintenance of confidentiality, mechanism for safe preservation of data and weeding out after usage.