The Income-Tax Department will soon start sharing data related to depreciation, sales and gross turnover of micro, small and medium enterprises with the MSME Ministry.
The Central Board of Direct Taxes (CBDT) has directed the Principal Director General of Income Tax (Systems) to share information with the MSME Ministry.
Section 138 of Income Tax Act empowers IT 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 reported in ITR-4.
To facilitate the information sharing, the I-T Department will enter into an MoU with the MSME Ministry, said a CBDT order. It will cover the “maintenance of confidentiality, mechanism for safe preservation of data, weeding out (data) after usage etc,” it added.
The timeline for furnishing information will be decided by the Principal Director General of Income-tax (Systems) in consultation with the concerned Ministry.