« 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 «  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.