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MOU between the Ministry of Corporate Affairs and Central Board
of Direct Taxes (CBDT) for Automatic and Regular Exchange of Information
Taking forward the
initiative launched by the Government of India to curb the menace of shell
companies, money laundering and black money in the country and prevent misuse
of corporate structure by shell companies for various illegal purposes, the
Ministry of Corporate Affairs and Central Board of Direct Taxes (CBDT) have now
concluded a formal Memorandum of Understanding (MoU) for data exchange, on 6th
September, 2017.
The MoU will facilitate
the sharing of data and information between CBDT and MCA on an automatic and
regular basis. It will enable sharing of specific information such as Permanent
Account Number (PAN) data in respect of corporates, Income Tax returns (ITRs)
of corporates, financial statements filed with the Registrar by corporates,
returns of allotment of shares, audit reports and statements of financial
transactions (SFT) received from banks relating to corporates. The MoU will
ensure that both MCA and CBDT have seamless PAN-CIN (Corporate Identity Number)
and PAN-DIN (Director Identity Number) linkage for regulatory purposes. The
information shared will pertain to both Indian corporates as well as foreign
corporates operating in India. In addition to regular exchange of data, CBDT
and MCA will also exchange with each other, on request, any information
available in their respective databases, for the purpose of carrying out
scrutiny, inspection, investigation and prosecution.
The MoU comes into force
from the date it was signed and is an ongoing initiative of MCA and CBDT, which
are already collaborating for near real time allotment of PAN and TAN also at
the time of Incorporation of companies itself. A Data Exchange Steering Group
also has been constituted for the initiative, which will meet periodically to
review the data exchange status and take steps to further improve the
effectiveness of the two agencies.
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