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Income Tax Dept to Share Information with Ministry of MSMEs [Read Notification]

Income Tax Department - Infomration Sharing - MSME - Share Information - Taxscan

The Central Board of Direct Taxes (CBDT) on Tuesday notified that the Additional Secretary and Development Commissioner, Ministry of Micro Small and Medium Enterprise(MSMEs), Government of India would be a competent authority to share information under Section 138 of the Income-tax Act, 1961.

“In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act,1961, the Central Government hereby specifies Additional Secretary and Development Commissioner, Ministry of Micro Small and Medium Enterprises, Government of India for the purposes of the said clause,” the notification said.

Section 138 of the Income Tax empowers the tax department to share information with other authorities dealing with laws related to any tax, duty, cess or foreign exchange or to other notified authorities subject to certain conditions.

Last year, the IT department had paved the way for the seamless exchange of information between various government agencies to check illegal wealth by amending the 2003 notification, seeking to remove any ambiguity about sharing of taxpayer information by the tax department with other government agencies.

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