Income tax dept notifies amendments for sharing taxpayer information

The tax department has removed restraint on sharing of information by its officers regarding taxes and foreign exchange with other authorities or agencies, with a view to effectively track black money. The Department of Revenue has tweaked Section 138 of the Income Tax Act, which deals with mechanisms for disclosure of information of assessees by taxmen to other authorities, with retrospective effect from May 23, 2003. Rakesh Nangia, Managing Partner shares his views on aforementioned story for following publications:

1. Income tax dept notifies amendments for sharing taxpayer information for Livemint.

Attached is link to the article http://www.livemint.com/Politics/WPHbMo1XAga3E5IgiSVSeN/Tax-dept-removes-restraint-on-sharing-of-info-with-agencie.html

2. Tax dept removes ‘restraint’ on sharing of info with agencies for PTI(News Agency).

(This story has been picked up by 31 other news publication like Economic Times, Business Standard, Times of India etc.) Attached are links to the article http://www.business-standard.com/article/pti-stories/tax-dept-removes-restraint-on-sharing-of-info-with-agencies-117022200721_1.html http://timesofindia.indiatimes.com/business/india-business/tax-dept-removes-restraint-on-sharing-of-info-with-agencies/articleshow/57293501.cms http://economictimes.indiatimes.com/wealth/personal-finance-news/restraint-on-taxmen-sharing-information-removed/articleshow/57293604.cms