CBDT, MoMSME sign MoU over data sharing

A Memorandum of Understanding (MoU) was signed on Monday between the Central Board of Direct Taxes (CBDT) and the Ministry of Micro, Small and Medium Enterprises (MoMSME) for sharing of data.

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

"The MoU will facilitate the 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 classify enterprises in Micro, Small and Medium categories as per a specific criterion," the CBDT said in a release.

"The MoU comes into force from the date it was signed. Both orgsations will appoint a 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 MoMSME," it added.

( With inputs from ANI )