Income Tax Update - Press Release :- 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 organizations
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.
                                                                                                                                                    (Surabhi Ahluwalia)
                                                                                                                                   Commissioner of IncomeTax
                                                                                                                                        (Media & Technical Policy)
                                                                                                                                    Official Spokesperson, CBDT