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rakesh (none)     10 December 2023

Section 72

does disclosing personal information (to other banks ,agencies )like permenant addrress ,parents phone number given to a bank while opening a ac , mount to breaching confidentiality and privacy as per section 72 of IT ACT? 


 3 Replies

kavksatyanarayana (subregistrar/supdt.(retired))     10 December 2023

If any person discloses electronic records, books, registers, correspondence, information, documents or such other material to any other person will be punished. But what you asked does not come under Sec.72 of the IT  Act.

1 Like

T. Kalaiselvan, Advocate (Advocate)     10 December 2023

When you are required to furnish KYC details, you are actually omplying with the conditions meant for that purpose.

No bank will be asking the details of your family members, if they demand that information, you can refuse to furnish them and make a complaint against the staff insisting on it, before their higher officer.

1 Like

Dr. J C Vashista (Advocate and Legal Consultant)     11 December 2023

Section 72 of Income Tax Act, deals with carry forward of losses suffered by assessee.

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