« 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 «  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.