The Securities and Exchange Board of India (SEBI) and the Central Board of Direct Taxes (CBDT) signed a Memorandum of Understanding (MoU) for data and information exchange between the two organisations.
The information exchange MoU was signed by Madhabi Puri Buch, Whole Time Member of SEBI and Anu J. Singh, Pr. DGIT (Systems) of CBDT. The programme happened in the presence of senior officers from both the organisations through video conference.
The MoU will facilitate the sharing of information and data between the SEBI and the CBDT on an automatic and regular basis. In addition to regular exchange of data, the SEBI and the CBDT will also exchange with each other, on request and suo moto basis, any information available in their respective databases, to carry out their functions under various laws.
Also Read: Taking a Global Tour of GST Relief Measures in Response to COVID-19
A Data Exchange Steering Group has also been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to improve the effectiveness of the sharing mechanism further.
The statement added that MoU marks the beginning of a new era of cooperation and synergy between the SEBI and the CBDT. Also, this MoU makes sure that the administration is done more effectively.
For any clarifications/feedback on the topic, please contact the writer at dvsr.anjaneyulu@cleartax.in
DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.
The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…
The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…
Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…
Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…
A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…
Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…