« Top Headlines » Open DEMAT Account in 24 hrs  How to Change Current Period in Tally Prime Step-by-Step Guide for Users  Global Payroll Management with Tally Prime: How International Businesses Use It Beyond India  How to Manage B2B HSN Codes in Tally Prime: A Complete Guide for Businesses  How to Check Business Revenue in Tally Prime: A Complete Step-by-Step Guide  MSME Payment Rule in Tally Prime: Understanding the Law and Its Impact on Businesses in 2025 The MSME (Micro, Small and Medium Enterprises) Payment Rule is a legal framework introduced under th  Multipurpose Empanelment Form (MEF) 2025 26 Meaning, Purpose, and How to Manage It in Tally Prime  GST Appellate Tribunal (GSTAT) Structure, Powers, and Its Relevance in Tally Prime Implementation  How Tally Prime Supports the Real Estate & Construction Industry in India  Comparison Between Tally Prime 6.1 and Tally Prime 6.2  How Tally Prime Renewal Helps Save My Data  Where to Buy Tally Prime 7.0 at the Best Rates Possible «  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.