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- 10 things to know about the new I-T laws act
THE TIMES OF INDIA | Dec 01, 2016, 17:51:48 IST
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10 things to know about the new I-T laws act
The amendments to the I-T laws have not introduced any new provision regarding the rate of tax on jewellery, the government said today. Here's what you need to know about the changes to the Taxation Laws (Second Amendment) Bill.
17:51 (IST) Dec 01
The Lok Sabha recently passed the Taxation Laws (Second Amendment) Bill, which proposes up to 85 per cent tax and penalty on undisclosed wealth discovered by tax authorities.
17:51 (IST) Dec 01
This led to fears and speculation that gold jewellery including ancestral jewellery shall be taxed at 75 per cent or more with a further penalty of 10 per cent of tax payable.
17:51 (IST) Dec 01
Today, the Central Board of Direct Taxes (CBDT) clarified the amended Bill has introduced no new provision to tax inherited gold and jewellery.
17:51 (IST) Dec 01
The Bill only raises applicable tax rate under section 115BBE, which provides rate of tax to be charged in case of unexplained investment in assets.
17:50 (IST) Dec 01
Another section provides for an additional 10 per cent penalty on being established that the undeclared wealth is unaccounted or black money.
17:50 (IST) Dec 01
During search operations conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women.
17:49 (IST) Dec 01
In the case of unmarried women, gold jewellery upto 250 grams is permitted. For a male family member, it is 100 grams.
17:49 (IST) Dec 01
CBDT also said that legitimate holding of jewellery upto any extent is fully protected.
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