To find dormant firms, I-T dept to share tax details of companies with govt

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The tax (I-T) department can presently share PAN (permanent account number) and ITR (I-T returns) details of corporations with the company affairs ministry, amidst the govt stepping up efforts to curb the menace of black cash.

The sharing of the "bulk information" is primarily geared toward distinctive dormant corporations that ar victimizedfor nonpayment and concealment.

The Central Board of Direct Taxes (CBDT), that frames policy choices for the tax department, on Thursday issued Associate in Nursing order on stipulated sharing of bulk I-T knowledge with the Ministry of company Affairs.

According to the order, accessed by PTI, the department can "share PAN, tax Returns and audit reports of corporates below section 44AB of the I-T Act yet as SFT (statement of monetary transaction) about these companies".

"The department will share known PAN and company number (CIN), PAN-Director number (DIN) and the other data required for distinctive dormant corporations," it said.

The I-T department and therefore the  company affairs ministry can presently ink a memo of understanding (MoU) on sharing of information which will also embody "mode of transfer of information, maintenance of confidentiality, mechanism for safe preservation of information and weeding it out once usage, and therefore the data that shall be equipped by the ministry to the I-T department."

A senior I-T department official aforesaid that the move aims at checking and distinctive shell corporations and phone corporations that are gratification in generation of black cash.

The corporate affairs ministry implements the businesses Act, below that all corporations ought to get registered.

Over 1.62 100000 corporations that haven't been ending business activities for long are de-registered and a series of actions taken against shell corporations, the govt had aforesaid last week.

Earlier this month, Prime Minister Narendra Modi had aforesaid that over 37,000 shell corporations are known and registrations of quite one 100000 others are off.

Shell corporations are dubious entities that are typically used for washing criminal wealth.

Such corporations additionally characteristically have non-public corporations as majority shareholders, low turnover and operational financial gain, nominal expenses, nominal statutory payments and stock in trade and minimum mounted assets.

A Special Task Force (STF) of multiple inquiring and social control agencies has additionally been created by the govt on directions of the Prime Minister's workplace (PMO) to appear into cases of black cash.

The I-T department additionally plans to share payer knowledge with the oil ministry for control LPG (Liquefied fossil oil gas) grant, and therefore the National Intelligence Grid (NATGRID) in relevance security problems.

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