The Central Board of Direct Taxes (CBDT) has issued a Notification allowing the Income Tax Department to furnish the details of income tax returns and Tax Audit reports with the Ministry of Corporate Affairs among other information as per furnishing bulk information under section 138 of the Income Tax Act, 1961.
As per Section 138 of the Income Tax Act, the tax department can share information with other authorities dealing with laws related to any tax, duty, cess or foreign exchange or to other notified authorities subject to certain conditions.
Recently, the IT department had paved the way for seamless exchange of information between various government agencies to check illegal wealth by amending the 2003 notification, seeking to remove any ambiguity about sharing of taxpayer information by the tax department with other government agencies.
Read the full text of the Notification below.
