A formal Memorandum of Understanding (MOU) has 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 by CBDT to MoMSME.
Daily Current Affairs Quiz 2020
Key-Points
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.
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.
Central Board of Direct Taxes
It is a statutory body established as per the Central Board of Revenue Act, 1963.
It is India’s official financial action task force unit.
It is administered by the Department of Revenue under the Ministry of Finance.
The Central Board of Direct Taxes consists of a Chairman and six members that deal with the following:
- Income Tax
- Revenue
- Legislation and Computerisation
- Audit and Judicial
- Investigation
- Personnel and Vigilance
The Functions of Central Board of Direct Taxes are-
- It deals with matters related to levying and collecting Direct Taxes.
- Formulation of various policies.
- Supervision of the entire Income Tax Department
- Suggests legislative changes in Direct Tax Enactments
- Suggests changes in tax rates
- Proposes changes in the taxation structure in line with the Government policies.
