Loan Defaulter /Guarantor Beware ! CBDT Directs CCITs for Supplying Wealth Tax Info to Banks !

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Non Performing Asset is a very big problem for Indian banks , specially public sector banks. So ,banks are  paying special  attention to recover the outstanding loans . It can be easily understood that the key to successful recovery of loan is information about the assets of the defaulters. It is also a fact the Income Tax department is storehouse of financial information about Indian residents . Thus , they requested  government to direct that income tax department for sharing  information regarding  assets of defaulters.

CBDT has now issued circular to its chief commissioners that  in case any bank ask for information against a loan defaulter under section 42B of the Wealth Tax Act  , the provision of details should be considered  in “public interest”  .

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