{"id":62912,"date":"2017-02-20T04:56:53","date_gmt":"2017-02-20T04:56:53","guid":{"rendered":"http:\/\/greattelangaana.com\/english\/?p=62912"},"modified":"2017-02-20T04:56:53","modified_gmt":"2017-02-20T04:56:53","slug":"tax-gold-purchase","status":"publish","type":"post","link":"https:\/\/greattelangaana.com\/english\/tax-gold-purchase\/","title":{"rendered":"Tax on gold purchase"},"content":{"rendered":"

The sale and purchase of Gold will be closely monitored by the IT department.<\/p>\n

Buying gold jewellery worth over Rs 2 lakh with cash will now attract one per cent tax collected at source (TCS) from April 1 to tackle the problem of black money.<\/p>\n

In the Union Budget last year, the government had imposed TCS of one per cent for purchase of goods and services over Rs 2 lakh with cash from April 1, 2016. However, tax collected at source on gold jewellery was raised for cash payment to over Rs 5 lakh from June 1,2016.<\/p>\n

\"Tax<\/p>\n

The Finance Bill 2017 now seeks to do away with the threshold of Rs 5 lakh on jewellery purchases for applicability of TCS because the Union Budget 2017-18 has proposed to ban cash dealings of over Rs 3 lakh and make violations punishable with a penalty of an equivalent amount to be paid by person receiving the cash.<\/p>\n

Under TCS, the seller will be required to collect an additional 1 per cent from the purchaser, and pay it to the government. This means that if you use cash to purchase gold worth over Rs 2 lakh, you will now have to pay extra money which can later on be claimed as a credit at the time of paying income-tax. For a consumer this only advances payment of income- tax.<\/p>\n","protected":false},"excerpt":{"rendered":"

The sale and purchase of Gold will be closely monitored by the IT department. Buying gold jewellery worth over Rs 2 lakh with cash will now attract one per cent tax collected at source (TCS) from April 1 to tackle the problem of black money. In the Union Budget last year, the government had imposed […]<\/p>\n","protected":false},"author":2,"featured_media":62914,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[32818,32819,32815,32816,2339,685,20115,32814,32817,12781,25163],"class_list":["post-62912","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-stories","tag-cash-payments","tag-credit","tag-finance-bill-2017","tag-gold-jewellery","tag-government","tag-income-tax","tag-it-department","tag-purchase","tag-tax-on-gold-purchase","tag-tcs","tag-union-budget"],"jetpack_featured_media_url":"https:\/\/greattelangaana.com\/english\/wp-content\/uploads\/2017\/02\/Gold.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/62912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/comments?post=62912"}],"version-history":[{"count":0,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/62912\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media\/62914"}],"wp:attachment":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media?parent=62912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/categories?post=62912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/tags?post=62912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}