CBDT to share depreciation, turnover info of small bizs with MSME Ministry
New Delhi: The income tax department will start sharing data on depreciation, sales and gross turnover of micro, small and medium enterprises as reported in their ITRs with the MSME Ministry.
The Central Board of Direct Taxes (CBDT) on Monday signed a memorandum of understanding (MoU) with the Ministry of Micro, Small and Medium Enterprises (MSME).
"The MoU will facilitate seamless sharing of certain Income-tax Return (ITR) related information by the Income Tax Department to Ministry of MSME. This data will enable Ministry of MSME to check and classify enterprises in Micro, Small and Medium categories...," the CBDT said in a statement.
The CBDT in an order date July 14 had directed 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 per ITR-4.