GET Stock QuotesNews18 APP
News18 English

Madhya Pradesh

Rajasthan

Poll in 1 seat deferred

Chhattisgarh

Telangana

Mizoram

»
2-min read

I-T Department to Share Companies Tax Info With Corporate Ministry

The Central Board of Direct Taxes, which frames policy decisions for the tax department, issued an order on stipulated sharing of bulk I-T data with the Ministry of Corporate Affairs.

PTI

Updated:July 27, 2017, 8:54 AM IST
facebookTwittergoogleskypewhatsapp
I-T Department to Share Companies Tax Info With Corporate Ministry
Image for representation only.
Loading...
New Delhi: The Income Tax department will soon share PAN and ITR details of companies with the corporate affairs ministry, amidst the government stepping up efforts to curb the menace of black money.

The sharing of the "bulk information" is primarily aimed at identifying dormant companies that are misused for tax evasion and money laundering.

The Central Board of Direct Taxes, which frames policy decisions for the tax department, on Wednesday issued an order on stipulated sharing of bulk I-T data with the Ministry of Corporate Affairs.

As per the order, accessed by PTI, the department will "share PAN (Permanent Account Number), Income Tax Returns (ITRs) and audit reports of corporates under section 44AB of the I-T Act as well as SFT (statement of financial transaction) relating to these companies".

"The department will also share identified PAN and Corporate Identification number (CIN), PAN-Director Identification Number (DIN) and any other information considered necessary for identifying dormant companies," it said.

The Income Tax department and the corporate affairs ministry will soon ink an MoU on sharing of data that will also include "mode of transfer of data, maintenance of confidentiality, mechanism for safe preservation of data and weeding it out after usage, and the information which shall be furnished by the ministry to the I-T department."

A senior I-T department official said that the move aims at checking and identifying shell companies and bogus firms that have been indulging in generation of black money.

The corporate affairs ministry implements the Companies Act, under which all firms need to get registered.

Over 1.62 lakh companies that have not been carrying out business activities for long have been de-registered and a series of actions taken against shell firms, the government had said last week.

Earlier this month, Prime Minister Narendra Modi had said that over 37,000 shell firms have been identified and registrations of more than 1 lakh others have been cancelled.

Shell companies are dubious entities that are generally used for laundering illegal wealth.

Such firms also characteristically have private companies as majority shareholders, low turnover and operating income, nominal expenses, nominal statutory payments and stock in trade and minimum fixed assets.

A Special Task Force (STF) of multiple investigative and enforcement agencies has also been created by the government on directions of the Prime Ministers Office (PMO) to look into cases of black money.

The I-T department also plans to share taxpayer data with the oil ministry for regulating LPG subsidy, and the National Intelligence Grid (NATGRID) in relation to security issues.
(Get detailed and live results of each and every seat of the state Assemblies in Madhya Pradesh, Rajasthan, Telangana, Chhattisgarh and Mizoram to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you put on the psephologist's hat. Know interesting facts and trivia about the elections. Elections = News18)
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,110.50 1.18
Yes Bank 186.60 4.92
Dr Reddys Labs 2,586.35 -4.78
ICICI Bank 349.95 2.09
Kotak Mahindra 1,237.15 1.51
Company Price Change %Gain
Yes Bank 186.80 5.30
Reliance 1,110.50 1.30
Axis Bank 619.35 2.50
TCS 2,018.70 1.02
Hero Motocorp 3,248.30 7.01
Top Gainers
Company Price Change %Gain
Hero Motocorp 3,258.65 7.23
Indiabulls Hsg 734.30 5.97
UPL 790.05 5.63
Bharti Airtel 305.55 5.27
Adani Ports 374.45 5.26
Company Price Change %Gain
Hero Motocorp 3,248.30 7.01
Yes Bank 186.80 5.30
Bharti Airtel 309.50 6.69
Adani Ports 374.40 4.90
Tata Steel 520.40 3.75

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results