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Principal DGIT to furnish bulk info of taxpayer's PANs, ITRs, audit reports and SFTs to joint secretary MCA

July 27, 2017

SECTION 138 OF THE INCOME-TAX ACT, 1961 - DISCLOSURE OF INFORMATION RESPECTING ASSESSEES TO SPECIFIED OFFICER, AUTHORITY OR BODY PERFORMING FUNCTIONS UNDER ANY OTHER LAW - SPECIFIED AUTHORITY FOR FURNISHING BULK INFORMATION TO NOTIFIED AUTHORITY UNDER SECTION 138(1)(a)(ii)

ORDER (F.NO.225/252/2017-ITA.II), DATED 26-7-2017

In exercise of powers conferred under section 138(1)(a) of Income-tax Act, 1961 ('Act'), the Central Board of Direct taxes hereby directs that Principal Director General of Income-tax (Systems), New-Delhi (Pr. DGIT(Systems)) shall be the specified authority for furnishing the 'bulk information' to Joint Secretary, Ministry of Corporate Affairs (MCA), Government of India, as notified vide Notification No.74/2017 dated 26-7-2017 under sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Act.

2. Following 'bulk information' shall be furnished:

i.   Pan data in respect of corporates;
ii.   Income Tax Returns (ITRs) of corporates (specific relevant fields to be decided in consultation between Pr. DGIT(Systems) & MCA);
iii.   Audit reports under section 44AB of the Income-tax Act, 1961 in case of corporates (specific relevant fields to be decided in consultation between Pr. DGIT(Systems) & MCA);
iv.   SFT information relating to corporates;
v.   Identified PAN CIN Associations;
vi.   Identified PAN DIN Associations; and
vii.   Any further information considered necessary for identifying 'dormant companies' (to be decided on basis of mutual consultation between Pr. DGIT(Systems) & MCA)

3. To facilitate the process of furnishing information, Pr. DGIT(Systems) would enter into a Memorandum of Understanding (MoU) with MCA which inter-alia, would include the mode of transfer of data, maintenance of confidentiality, mechanism for safe preservation of data, weeding it out after usage, information which shall be furnished by MCA to Income-tax Department etc. The frequency and time line for furnishing information shall be decided by Pr. DGIT(Systems) in consultation with MCA and included in the said MoU.

4. A copy of the MoU shall be forwarded to this division for record purposes.

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