« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  ICAI working on standards for derivatives... Tax board charts out plan to curb PAN fraud... » I-T may not see raid on jewellery July, 13th 2006 CBDT wants seizure of jewellery during I-T searches to be stopped.    Women may soon heave a sigh of relief from their jewellery being seized during raids by the income tax department.    The Central Board of Direct Taxes has proposed to the finance ministry that seizure of jewellery during searches be stopped. Instead, a bank guarantee of an equivalent amount with an automatic periodical renewal clause should suffice, the board has said.    The suggestion was made at a meeting held between the finance minister and the CBDT last week.    While this could remove the fear of indiscriminate seizure, the board also suggested certain measures to ramp up investigations based on an internal committee report in May 2006.    The board has decided to convert the central intelligence bureau (CIB) of income tax as the directorate of intelligence under investigation.    The directorate will collate information both from internal and external sources in a structured format to be used for tax deepening and widening purposes.    Permanent account number (PAN) is one significant data which the directorate will maintain and monitor. The provisions of Section 272B of the IT Act will be amended to empower the CIB to levy penalty in the event of violation in furnishing PAN data to the relevant authorities.    According to official sources, the tax return will be redesigned to include both a statement of high-end value transactions and a statement of affairs in case of individuals deriving income from business and operation.    These statements should be furnished in the electronic format to facilitate processing of information digitally and matching the information coming from other sources.    The internal committee was formed in 2005 with the terms of reference for examining the issue of high-value transactions covered by the CIB, modification of existing the CIB code, and the manner in which Form 60/61 collates date.    The other areas included developing database of important economic activities like educational institutions, private hospitals and nursing homes, exploring new areas of work as information under securities transactions tax and finally, formulating the role of CIB in handling annual information return.