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Centre gives clarity on Gold restrictions
By: Tupaki Desk | 2 Dec 2016 1:19 PM GMT
In the wake of panic among all the income groups in the Country, Union Government has given a clarity over taxes to be be levied on the gold and jewellery. Here it isâ¦
1) Only Section 115 B of Income Tax Act 1961 is Amended. Until recently, 30 Percent of Tax has been levied. Now, 25% Surcharge could also be levied.
2) No Amendments were done to Section 69, 69A and 69B of IT Act.
3) Amendment to Section 115 E of IT Act recommends much higher taxation on disclosed income.
Recently, Union Government declared that married female could have 500 grams of gold, unmarried female is permitted to have 250 grams and male up to 100 grams of gold. This created a panic situation as even the middle class were so worried about the savings in the form of gold. Yesterday, Centre informed that agricultural/ancestral gold and those which were brought from disclosed income doesn't come under taxation. Today's clarification will give some assurance to the common man. Actually, IT willn't be in a position to seize gold for everyone household. The new amendment was only meant to seize the black money in the form of gold when raids were conducted at properties of tax evaders.
1) Only Section 115 B of Income Tax Act 1961 is Amended. Until recently, 30 Percent of Tax has been levied. Now, 25% Surcharge could also be levied.
2) No Amendments were done to Section 69, 69A and 69B of IT Act.
3) Amendment to Section 115 E of IT Act recommends much higher taxation on disclosed income.
Recently, Union Government declared that married female could have 500 grams of gold, unmarried female is permitted to have 250 grams and male up to 100 grams of gold. This created a panic situation as even the middle class were so worried about the savings in the form of gold. Yesterday, Centre informed that agricultural/ancestral gold and those which were brought from disclosed income doesn't come under taxation. Today's clarification will give some assurance to the common man. Actually, IT willn't be in a position to seize gold for everyone household. The new amendment was only meant to seize the black money in the form of gold when raids were conducted at properties of tax evaders.
