Income Tax to furnish Details of ITR and Tax audit report to MCA among other information as per furnishing bulk information u/s 138(1)(a)(ii).
F.No. 225/252/2017 /ITA.II
Government of India
Ministry of Finance
Department of Revenue (CBDT)
North Block, New Delhi, the 26th of July, 2017
In exercise of powers conferred under section 138(1)(a) of Income tax Act, 1961 (‘Act’), the Central Board of Direct taxes hereby directs that Principal Director General of Income-tax (Systems), New-Delhi (Pr. DGIT (Systems)) shall be the specified authority for furnishing the ‘bulk information’ to Joint Secretary, Ministry of Corporate Affairs (MCA), Government of India, as notified vide Notification No.74/2017 dated 26.07.2017 under sub clause (ii) of clause (a) of sub-section (1) of section 138 of the Act.
2. Following ‘bulk information’ shall be furnished:
i Pan data in respect of corporates;
ii Income Tax Returns (ITRs) of corporates (specific relevant fields to be decided in consultation between Pr.DGIT (Systems) & MCA);
iii Audit reports under section 44AB of the Income-tax Act, 1961 in case of corporates (specific relevant fields to be decided in consultation between Pr.DGIT (Systems) & MCA);
iv SFT information relating to corporates;
v. Identified PAN CIN Associations;
vi Identified PAN DIN Associations; and
vii Any further information considered necessary for identifying ‘dormant companies’ (to be decided on basis of mutual consultation between DGIT (Systems) & MCA)
3. To facilitate the process of furnishing information, DGIT (Systems) would enter into a Memorandum of Understanding (MoU) with MCA which inter-alia, would include the mode of transfer of data, maintenance of confidentiality, mechanism for safe preservation of data, weeding it out after usage, information which shall be furnished by MCA to Income-tax Department etc. The frequency and time line for furnishing information shall be decided by Pr. DGIT (Systems) in consultation with MCA and included in the said MoU.
4. A copy of the MoU shall be forwarded to this division for record purposes.
(Rohit Garg)
Director -(ITA.II), CBDT
Deduction u/s 80P denied as assessee did not file return u/s 139(1) but beyond the due date only in response…
High Court denied pre-arrest bail to accused of fake ITC utilisation on possibility of misusing the concession of pre arrest…
Return could not be said to be non est for non e-verification when AO had been taken due cognizance of…
Section 43CB read with ICDS-III is applicable to contractors and not real estate developers - ITAT In a recent judgment,…
Expenses incurred on ESOP are allowable as revenue expenditure u/s 37(1) of Income Tax Act – ITAT Delhi In a…
Compliance history of supplier could not be used to invalidate the genuine business transactions of the buyer especially when the…