The Central Board of Direct Taxes (CBDT) has signed an Memorandum of Understanding (MoU) with the Ministry of Micro, Small and Medium Enterprises, Government of India (MoMSME). As per the signed MoU, CBDT will share certain Income-tax Return (ITR) related information with MoMSME. The exchanged data will enable MoMSME to keep a check as well as to classify enterprises in Micro, Small and Medium categories as per the criteria.
For the successful process of data exchange, both the organisations will appoint Nodal Officer and Alternate Nodal Officers. The MoU between the CBDT & MoMSME marks the beginning of a new era of cooperation and synergy between them.
Important takeaways for all competitive exams:
- Union Minister for Micro, Small and Medium Enterprises: Nitin Jairam Gadkari.
- Chairperson of Chairperson: Pramod Chandra Mody.