Monday 21 September 2015

Deposits above 500grams in GMS without naming sources to be taxed

Be clear about the income sources before depositing gold over 500grams under the gold monetization scheme (GMS), as the government will levy income tax on such deposits on failing to name the sources.The idea behind the move is to make sure that the scheme does not get exploited to convert black money to white. his is not a black money immunity scheme and normal taxation laws will be applicable," Finance Minister Arun Jaitley said.....Read More

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