MSME Status to be Determined from Income Tax Reruns

A formal Memorandum of Understanding (MOU) was signed on 20 July 2020 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. The MoU was signed by Smt. Anu J. Singh, Principal Director General of Income Tax (Systems), CBDT and Devendra Kumar Singh, Additional Secretary & Development Commissioner, MoMSME.

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 as per the criteria notified in the Notification No. S.O. 2119(E) dated 26/06/2020 of MoMSME.

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.