Memorandum of Understanding between CBDT and MoMSME

• CBDT has issued a press release regarding a Formal Memorandum of Understanding (MOU) which was signed 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.
• Memorandum of Understanding 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.
• Both the organizations will appoint Nodal Officer and Alternate Nodal Officers to facilitate the process of data exchange.
• Memorandum of Understanding marks the beginning of new era of cooperation and synergy.