Income-tax department, MCA team up against shell firms

To share PAN data, audit report of companies

The income tax (I-T) department and the Ministry of Corporate Affairs (MCA) have signed a pact to regularly share data, including PAN and audit reports of firms, to crack down on shell companies, the government said on Thursday.

The pact aims at curbing the menace of money laundering, black money, and misuse of corporate structure by shell companies, a finance ministry statement said. It added a memorandum of understanding for Automatic and Regular Exchange of Information was signed between the MCA and the Central Board of Direct Taxes (CBDT) on September 6 and took effect the same day.

Under the