MOU between the Ministry of Corporate
Affairs and Central Board of Direct Taxes (CBDT) for Automatic and Regular
Exchange of Information
Taking forward the initiative launched by the Government
of India to curb the menace of shell companies, money laundering and black
money in the country and prevent misuse of corporate structure by shell
companies for various illegal purposes, the Ministry of Corporate Affairs and
Central Board of Direct Taxes (CBDT) have now concluded a formal Memorandum of
Understanding (MoU) for data exchange, on 6th September, 2017.
The MoU will facilitate the sharing of data and
information between CBDT and MCA on an automatic and regular basis. It will
enable sharing of specific information such as Permanent Account Number (PAN)
data in respect of corporates, Income Tax returns (ITRs) of corporates,
financial statements filed with the Registrar by corporates, returns of
allotment of shares, audit reports and statements of financial transactions
(SFT) received from banks relating to corporates. The MoU will ensure that both
MCA and CBDT have seamless PAN-CIN (Corporate Identity Number) and PAN-DIN
(Director Identity Number) linkage for regulatory purposes. The information
shared will pertain to both Indian corporates as well as foreign corporates
operating in India. In addition to regular exchange of data, CBDT and MCA will
also exchange with each other, on request, any information available in their
respective databases, for the purpose of carrying out scrutiny, inspection,
investigation and prosecution.
The MoU comes into force from the date it was
signed and is an ongoing initiative of MCA and CBDT, which are already
collaborating for near real time allotment of PAN and TAN also at the time of
Incorporation of companies itself. A Data Exchange Steering Group also has been
constituted for the initiative, which will meet periodically to review the data
exchange status and take steps to further improve the effectiveness of the two
agencies.
Company Secretary GAURAV SHARMA+919990694230 Connect on Watts App with Gaurav Email us [email protected] Submit your guest articles for our website click here we will publish it Subscribe our Email updates like other 100,000 Members, Free/Easy/Comfortableway
