The Ministry of Corporate Affairs and the Central Board of Direct Taxes ( CBDT) has signed a memorandum of understanding (MoU) for automatic sharing of data and information on a regular basis.
Highlights of MoU
- It will ensure that both the Ministry and CBDT have seamless PAN-CIN (corporate identity number) and PAN-DIN (Director Identity Number) linkage for regulatory purpose
- The information shared will pertain to both Indian as well as foreign corporates operating in India.
- CBDT and the Ministry 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 Ministry and CBDT are already collaborating for near real-time allotment of PAN and TAN also at the time of incorporation of companies itself.
- It will enable sharing of specific information such as permanent account number (PAN) data in respect of corporates, income tax returns of corporates, financial statements filed with Registrar of Companies, returns of allotment of shares, audit reports and statement of Financial transactions received from banks relating to corporates.
Ministry of Corporate Affairs
- It is primarily concerned with the administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008 & other allied Acts and rules & regulations framed there-under mainly for regulating the functioning of the corporate sector in accordance with law.
- The current minister of corporate affairs is Arun Jaitley.
- The current Minister of State for Corporate Affairs is Mr. PP Choudhary.
- In August 2013 The Companies Act, 2013 passed which regulates fraud by corporations and is intended to avoid the accounting scandals such as the Satyam scandal which has plagued India.
- It replaces The Companies Act, 1956 w
- The Ministry has constituted a Committee for framing of National Competition Policy and related matters under the Chairmanship of Dhanendra Kumar, former Chairman of Competition Commission of India.
Central Board of Direct Taxes
- The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963.
- The Central Board of Revenue as the apex body of the Department, charged with the administration of taxes, came into existence as a result of the Central Board of Revenue Act, 1924.
- Initially the Board was in charge of both direct and indirect taxes.
- The Chairperson, CBDT is the senior-most IRS civil servant in the Government of India.
- The current Chairperson of CBDT is Sushil Chandra.
