Cases where bank shares information with income tax department
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Income tax authorities will share details of assets of borrowers and their guarantors with public sector banks in case of loan defaults.
Income tax authorities will share details of assets of borrowers and their guarantors with public sector banks in case of loan defaults.The move is aimed at preventing promoters from siphoning off assets that are not disclosed to banks and comes close on the heels of the income tax department and goods and services tax authorities deciding to share details about taxpayers and defaulters with each other.
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