Taxpayer data to be shared with SEBI: I-T

The Income Tax Department will share all taxpayers’ data like PAN information with SEBI in order to help the capital markets regulator in its probe against various entities, including those involved in ‘stock market manipulation’, an official order 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 motu and automatic. The two organisations are expected to ink a Memorandum of Understanding soon to implement the decision.