CBDT & MoMSME signs formal MoU for sharing of Data
Central Board of Direct Taxes
A formal Memorandum of Understanding (MoU) was signed on Monday between the Central Board of Direct Taxes (CBDT) and Ministry of Micro, Small and Medium Enterprises (MoMSME) for sharing of data by CBDT to the Ministry.
The MoU was signed by Principal Director General of Income Tax (Systems) CBDT Anu J Singh and Additional Secretary and Development Commissioner of MSME Ministry Devendra Kumar Singh.
The MoU will facilitate seamless sharing of certain Income-tax Return related information by the Income Tax Department to MSME Ministry. This data will enable the Ministry to check and classify enterprises in Micro, Small and Medium categories.
The MoU came into force from Monday. Both the organizations will appoint Nodal Officer and Alternate Nodal Officers to facilitate the process of data exchange. The MoU marks the beginning of a new era of cooperation and synergy between the CBDT and MSME Ministry.
A similar MoU for data exchange was earlier on July 8, 2020, signed between CBDT and Securities and Exchange Board of India (SEBI). The signed MoU will facilitate the sharing of data and information between SEBI and CBDT on an automatic and regular basis.