The Income-Tax Department will start sharing data on depreciation, sales and gross turnover of Micro, Small and Medium Enterprises (MSMEs) as reported in their ITRs with the Union MSME ministry.
On Monday, a memorandum of understanding (MoU) was signed by Anu J Singh, Principal Director General of Income Tax (Systems), CBDT and Devendra Kumar Singh, Additional Secretary & Development Commissioner, Ministry of MSME.
”Both the organisations will appoint Nodal Officers and Alternate Nodal Officers to facilitate the process of data exchange,” said the ministry in an official statement.
The CBDT on July 14 had directed the Principal Director General of Income Tax (Systems) to share information with the MSME Ministry.
The information to be shared include depreciation on plant and machinery as reported in ITR 3, 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.
