MSME Ministry, CBDT sign MoU on tax data sharing

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SME Times News Bureau | 20 Jul, 2020

The Central Board of Direct Taxes (CBDT) and the Ministry of Micro, Small and Medium Enterprises on Monday signed a MoU for sharing of tax related data concerning SMEs.

The MoU will facilitate seamless sharing of certain Income Tax Return (ITR) related information by the Income Tax Department with the ministry. This data will enable the ministry to check and classify enterprises in Micro, Small and Medium categories as per the new criteria notified by the government.

The MoU was signed by Anu J. Singh, Principal Director General of Income Tax (Systems), CBDT and Devendra Kumar Singh, Additional Secretary & Development Commissioner, MSME Ministry.

The MoU comes into force from the date it was signed. Both the organisations will appoint a nodal officer and alternate nodal officers to facilitate the process of data exchange.