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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.
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