« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  `Senior citizens to get IT refund within a month'... I-T may transfer refunds directly to bank accounts... » Deals sans PAN under IT dept scanner July, 27th 2006 The income tax department is tightening its noose on the high spenders who evaded mentioning permanent account number (PAN) in financial transactions.    For FY 2004-05, the department detected 1,200 transactions involving Rs 100 crore wherein PAN was not quoted.    These cases will be thoroughly investigated by the department and action will be initiated against the assessees if necessary, said Suprakash Lahiri, chief income tax commissioner (Vidarbha). PAN was quoted in 1,500 transactions involving a sum of Rs 400 crore, he said.    Refusing to disclose the identity of the assessees, Lahiri said the savings account in 183 cases saw deposits of over Rs 10 lakh. Two individuals deposited more than Rs one crore in their savings account. One is from Saoner while the other resides in Pune but is assessed in the tax region of Nagpur, Lahiri said.    An individual from Amravati used his credit card to settle bills amounting to Rs 39,32,700.    Twenty eight assessees had paid more than Rs one crore each for investments in mutual funds (MFs). These include one Hindu Undivided Family (HUF). Four individual assessees also paid more than Rs 50 lakh each towards investments in MFs. The department recorded 658 cases in this category, Lahiri said.    As per the provisions of section 285 BA of the I-T Act, 1961, any person who is responsible for registering, or maintaining books of account or other document containing a record of any specified financial transaction, under any law for the time being in force, has to furnish an AIR.    National Securities Depository Limited (NSDL) has been authorised by the Central Board of Direct Taxes (CBDT) to receive such return on behalf of the Commissioner of Income -Tax (Central Information Branch).