« Top Headlines » Open DEMAT Account in 24 hrs  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  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal  How To Save Tax For Salary Above 15 Lakhs? «  Tax dept takes note of ‘low’ incomewallahs in Jamshedpur... Amendment to SEZ Act on the cards... » I-T deptt questions credit system of footwear industry September, 18th 2006 The Rs 2,000-crore footwear industry of Agra has for long operated on a tried and tested traditional system of credit, working on credit notes or parchi. The system provides credit for six months or more to the trader, who buys a consignment of shoes from the manufacturer. This system was there ever since the shoe market came into being in the city. But this system is now creating problems for the income tax department, which is finding it hard to track each consignment, in the absence of written records. To work out a solution, local I-T officials held a meeting with the Agra Shoe Factors Federation, the Leather Merchant Association and the Rubber Sole Sellers Consortium last week, where the shoe traders refused to end this traditional credit system. They said the system could not be changed drastically because a change would affect the shoe trade. They agreed to restrict the time limit on the credit notes to four months instead of the previous duration of six months and above.