The assessees need to be very careful while reporting the values and giving declarations to the government authorities. There already exists memorandums between various government departments wherein the departments are officially allowed to share the details of assessees from their records. Now, On 8th July 2020, a new Memorandum of Understanding (MOU) has been signed between the Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) for data exchange between the two organizations. It’s an ongoing initiative of CBDT and SEBI, who are already collaborating through various existing mechanisms.
Under the MoU, they will share the data & information with each other on an automatic and regular basis. In addition to this, SEBI and CBDT will also share all type of information available in their respective database on request and suo moto basis for the purpose of carrying out their functions under various laws like SEBI Act, 1992 & Income Tax Act, 1961 etc. A Data Exchange Steering Group has also been constituted for the above purpose. The group will meet periodically to review the data exchange status. They will check whether any improvement is needed and if yes, then they will take the reasonable steps. The group will be responsible for the further improvement in the effectiveness of the data sharing mechanism.
The MoU was signed by Smt. Anu J Singh, Pr. DGIT (Systems), CBDT and Smt. Madhabi Puri Buch, Whole Time Member, SEBI in the presence of senior officers from both the organizations via video conference on 8th July. The MoU comes into force from the date it was signed i.e. July 8, 2020 We, at ASC Group, are a multidimensional firm and we make sure that the information reported at various departments have synergy. Various internal control mechanisms are in place to prevent such errors from happening. We shall be pleased to assist in different areas as per the requirement of our existing and prospective clients.
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