• Breaking News


    Apr 30, 2013

    Tax collection at source TCS on gold coins less than 10 gm

    Finance bill 2013-14 has passed in Lok Sabha on Tuesday 30 April 2013 and there are some amendments in the rules of taxation.   TCS will be applicable on gold coin less than 10 gms. The old rule as well as the new rule are as under.

    Old rule
    Sale of bullion/jewellery is subject to TCS provisions in following cases:
    (1)  If the sale consideration of bullion (excluding any coin/article weighing 10 grams or less) exceeds Rs. 2,00,000; or
    (2)  If the sale consideration of jewellery exceeds Rs. 5,00,000 and out of sale consideration any amount is received in cash.
    Amend New rule
    With effect from June 1, 2013, consideration of any coin or any other article weighing 10 grams or less
    shall not be excluded while calculating the monetary limit of Rs. 2,00,000.
    Keywords-tcs on gold coin,goin coin tcs new rule,tcs on 10 gms gold coin,tcs on gold, tds on ginni,tcs on gold,tds on gold,income tax on sale on gold coin,income tax on gold coin,tcs on gold coin,goin coin tcs new rule,tcs on 10 gms gold coin,tcs on gold,tcs on ginni, tcs on gold,tds on gold,income tax on sale on gold coin,income tax on gold coin


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