{"id":145091,"date":"2017-07-27T11:25:25","date_gmt":"2017-07-27T05:55:25","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=145091"},"modified":"2017-07-27T12:08:57","modified_gmt":"2017-07-27T06:38:57","slug":"information-to-be-shared-by-cbdt-with-ministry-of-corporate-affairs","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/07\/27\/information-to-be-shared-by-cbdt-with-ministry-of-corporate-affairs\/","title":{"rendered":"Taxpayers&#8217; information to be shared by CBDT with\u00a0Ministry of Corporate Affairs"},"content":{"rendered":"<p style=\"text-align: center;\"><strong>Order<\/strong><\/p>\n<p style=\"text-align: justify;\">In exercise of powers conferred under Section 138(1)(a) of Income tax Act, 1961 (\u2018Act\u2019), the Central Board of Direct Taxes hereby directs that\u00a0Principal Director General of Income-tax (Systems), New Delhi [Pr. DGIT (Systems)] shall be the specified authority for furnishing the \u2018bulk information\u2019 to Joint Secretary, Ministry of Corporate Affairs (MCA), Government of India, as notified vide\u00a0Notification No. 74\/2017 dated 26.07.2017\u00a0under sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Act.<\/p>\n<p style=\"text-align: justify;\">2. Following \u2018bulk information\u2019 shall be furnished:<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">i. Pan data in respect of corporates;<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">ii. Income Tax Returns (ITRs) of corporates (specific relevant fields to be decided in consultation between Pr. DGIT (Systems) &amp; MCA);<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">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) &amp; MCA);<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">iv. SFT information relating to corporates;<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">v. Identified PAN CIN Associations;<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">vi. Identified PAN DIN Associations; and<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">vii. Any further information considered necessary for identifying \u2018dormant companies\u2019 (to be decided on basis of mutual consultation between Pr. DGIT (Systems) &amp; MCA)<\/p>\n<p style=\"text-align: justify;\">3. To facilitate the process of furnishing information, Pr. 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.<\/p>\n<p style=\"text-align: justify;\">4. A copy of the MoU shall be forwarded to this division for record purposes.<\/p>\n<p style=\"text-align: right;\">Ministry of Finance<\/p>\n<p style=\"text-align: right;\">[F.No. 225\/252\/2017\/ITA.II]<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Order In exercise of powers conferred under Section 138(1)(a) of Income tax Act, 1961 (\u2018Act\u2019), the Central Board of Direct Taxes hereby <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-145091","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Taxpayers&#039; 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