Buying jewellery over Rs 2 lakh in cash will attract 1% tax from April 1, 2017
Posted on:22 Feb 2017 09:24:14
Free Current Affairs to Your Email
22 February 2017 Current Affairs: Cash purchases of jewellery will attract 1% TCS (Tax Collected at Source) from April 1, 2017 if the amount exceeds Rs 2 lakh, as against the current threshold of Rs 5 lakh.
Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1% TCS on cash purchase of above Rs 2 lakh.
The Bill 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.
FreshersLive - No.1 Job site in India. Here you can find latest 2018 government as well as private job recruitment notifications for different posts vacancies in India. Get top company jobs for both fresher and experienced. Job Seekers can get useful interview tips, resume services & interview Question and answer. Practice online test free which is helpful for interview preparation. Register with us to get latest employment news/rojgar samachar notifications. Also get latest free govt and other sarkari naukri job alerts daily through E-mail.