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CBDT to share depreciation, turnover info of small firms with MSME ministry

The Central Board of Direct Taxes has signed a memorandum of understanding in this regard with the Ministry of Micro, Small and Medium Enterprises

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The information to be shared include depreciation on plant and machinery as reported in ITR3, 5 and 6, sales/gross receipts of business as reported in ITR-3, 5 and 6; and gross turnover/gross receipts as reported in ITR-4.

Press Trust of India New Delhi

3 min read Last Updated : Jul 20 2020 | 8:48 PM IST

The income-tax department will start sharing data on depreciation, sales and gross turnover of micro, small and medium enterprises (MSMEs) as reported in their ITRs with the Union MSME ministry.

The Central Board of Direct Taxes (CBDT) on Monday signed a memorandum of understanding (MoU) in this regard with the Union MSME ministry. "The MoU will facilitate seamless sharing of certain Income-tax Return (ITR)-related information by the Income Tax Department to Ministry of MSME. This data will enable Ministry of MSME to check and classify enterprises in Micro, Small and Medium categories...," the CBDT said in a statement.

The CBDT in an

Topics : CBDT MSME sector Indian Economy income tax returns I-T Department MSMEs SME companies

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