CBDT signs MoU with MSME ministry to share data

New Delhi, July 21 (KNN) The Income-Tax Department will start sharing data on depreciation, sales and gross turnover of Micro, Small and Medium Enterprises (MSMEs) as reported in their ITRs with the Union MSME ministry.

In this regard, on Monday, a memorandum of understanding (MoU) was signed by Anu J Singh, Principal Director General of Income Tax (Systems), CBDT and Devendra Kumar Singh, Additional Secretary & Development Commissioner, MoMSME.

''The MoU comes into force from the date it was signed. Both the organisations will appoint Nodal Officers and Alternate Nodal Officers to facilitate the process of data exchange,'' said the ministry in an official statement.

''The MoU marks the beginning of a new era of cooperation and synergy between the CBDT and MoMSME,'' it added.

The CBDT in an order dated July 14 had directed the Principal Director General of Income Tax (Systems) to share information with the MSME Ministry.

Section 138 of Income Tax Act empowers income tax authorities to share information/ details of its taxpayers with other government agencies, as may be notified.

The information to be shared include depreciation on plant and machinery as reported in ITR3, 5 and 6, sales/gross receipts of business as reported in ITR-3, 5 and 6; and gross turnover/gross receipts as reported in ITR-4.