« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.