« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  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.