A formal memorandum of understanding (MoU) was signed today between the Central Board of Direct Taxes (CBDT) and the Ministry of Micro, Small and Medium Enterprises (MoMSME) for sharing of data by CBDT to MoMSME.
The MoU was signed by Anu J. Singh, Principal Director General of Income Tax (Systems), CBDT and Devendra Kumar Singh, Additional Secretary & Development Commissioner, MoMSME.
According to the Ministry of Finance, “The MoU marks the beginning of a new era of cooperation and synergy between the CBDT and MoMSME.”
The MoU will facilitate seamless sharing of certain income-tax return (ITR) related information by the Income Tax Department to MoMSME. This data will enable MoMSME to check and accordingly classify enterprises in micro, small and medium enterprises categories as per the criteria notified its gazette notification (http://www.dcmsme.gov.in/IndianGazzate_0.pdf) of June 26.
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.