Dept will share PAN, ITRs, audit reports and SFT with corporate affairs ministry
The Income Tax Department will soon share PAN (permanent account number) and ITR (I-T returns) details of companies with the corporate affairs ministry, amidst the government stepping up efforts to curb the menace of black money.
The sharing of the "bulk information" is primarily aimed at identifying dormant companies that are misused for tax evasion and money laundering.
The Central Board of Direct Taxes (CBDT), which frames policy decisions for the tax filing department, on Thursday issued an order on stipulated sharing of bulk I-T data with the Ministry of Corporate Affairs.
According to the order, accessed by PTI, the department will "share PAN, Income Tax Returns and audit reports of corporates under section 44AB of the I-T Act as well as SFT (statement of financial transaction) relating to these companies".
"The department will also share identified PAN and Corporate Identification number (CIN), PAN-Director Identification Number (DIN) and any other information considered necessary for identifying dormant companies," it said.
The I-T department and the corporate affairs ministry will soon ink a memorandum of understanding (MoU) on sharing of data that will also include "mode of transfer of data, maintenance of confidentiality, mechanism for safe preservation of data and weeding it out after usage, and the information which shall be furnished by the ministry to the I-T department."...... Read Full Article
The sharing of the "bulk information" is primarily aimed at identifying dormant companies that are misused for tax evasion and money laundering.
The Central Board of Direct Taxes (CBDT), which frames policy decisions for the tax filing department, on Thursday issued an order on stipulated sharing of bulk I-T data with the Ministry of Corporate Affairs.
According to the order, accessed by PTI, the department will "share PAN, Income Tax Returns and audit reports of corporates under section 44AB of the I-T Act as well as SFT (statement of financial transaction) relating to these companies".
"The department will also share identified PAN and Corporate Identification number (CIN), PAN-Director Identification Number (DIN) and any other information considered necessary for identifying dormant companies," it said.
The I-T department and the corporate affairs ministry will soon ink a memorandum of understanding (MoU) on sharing of data that will also include "mode of transfer of data, maintenance of confidentiality, mechanism for safe preservation of data and weeding it out after usage, and the information which shall be furnished by the ministry to the I-T department."...... Read Full Article
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