MOU signed between MoMSME and CBDT for sharing of ITR related information

Last updated: 21 July 2020

Quick Summary
The Central Board of Direct Taxes (CBDT) and the Ministry of Micro, Small and Medium Enterprises (MoMSME) have signed a Memorandum of Understanding (MOU) to facilitate the sharing of Income Tax Return (ITR) related information. This data exchange will enable MoMSME to accurately classify enterprises into Micro, Small, and Medium categories based on government criteria. The agreement signifies a new level of cooperation between the two government bodies.

Memorandum of Understanding(MoU) between CBDT and MoMSME signed today

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, Government of India (MoMSME) for sharing of data by CBDT to MoMSME. The MoU was signed by Smt. Anu J. Singh, Principal Director General of Income Tax (Systems), CBDT and Shri. Devendra Kumar Singh, Additional Secretary & Development Commissioner, 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 classify enterprises in Micro, Small and Medium categories as per the criteria notified in the Notification No. S.O. 2119(E) dated 26/06/2020 of MoMSME.

The MoU comes into force from the date it was signed. Both the organisations 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 MoMSME.

FAQ :

The MOU is for the CBDT to share Income Tax Return (ITR) related information with MoMSME, enabling them to classify enterprises.

The MOU was signed by Smt. Anu J. Singh from CBDT and Shri. Devendra Kumar Singh from MoMSME.

MoMSME will use the data to check and classify enterprises into Micro, Small, and Medium categories according to the criteria notified in S.O. 2119(E) dated 26/06/2020.

The MOU came into force from the date it was signed.

Yes, both organisations will appoint Nodal Officers and Alternate Nodal Officers to facilitate the data exchange process.



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