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Showing posts from November, 2016

Which places can you legally use your old 500 and 1000 notes in India?

The government on Thursday extended the last date for use of the denotified Rs 500 notes till December 15, and stopped the over-the-counter exchange of cash with immediate effect.However, the banned notes will continue to be exchanged for new currency at RBI countersAccording to the ministry of finance, Rs 1,000 notes would no longer be allowed to be used for the list of exemptions the government had announced. These notes can, however, be deposited in bank accounts.The statement on Thursday also expanded the exemptions to include payment of fees up to Rs 2,000 per student in central and state government colleges as well as central government, state government, municipality and local body schools.Following is a list of areas added or modified where the concession to use the denotified Rs 500 notes will be applicable from Thursday midnight to December 15, 2016:
- Payments towards pre-paid mobile recharges to a limit of Rs 500 per top-up- Purchase from consumer cooperative stores limited…

Gold Monetization scheme India- a way to avoid hassle of keeping physical gold

Seven FAQs on Gold Monetization Scheme 1. What kind of gold can be deposited under the scheme? What is the minimum and maximum quantity which can be deposited? Gold in any form, bullion or jewelry can be deposited. However jewelry with embedded stones are not be accepted. The minimum amount of gold which will be accepted as a deposit is 30 grams of 995 fineness. There is no upper limit for deposition. 2. What will be the tenure of deposit? The tenure for deposit has been distributed into three term plans which are as follows: i. Short term: 1 to 3 years ii. Medium term: 5 to 7 years iii. Long term: 12 to 15 years The investor will be allowed to break the deposit during the lock-in period by paying a penalty for premature withdrawal. 3. What will be the interest rate payable on the deposit? Initially it was proposed that the amount of interest rate payable for deposits made for the short-term period would be decided by banks and would be denominated in grams of gold. For the medium and…

What are your rights, if Income Tax Department Raids You

Your Rights

1. When Income Tax Search Party visits, you can check their search warrant and also note the date, address and authorization etc.. You can also ask for the identification of each member of the raid team and note down their name and designation.

2. You have the right to personally search every member of raid team to avoid any planting of evidence.

3. Women can be checked only by lady members of raid team.

4. Women may not come forward if their religious belief do not allow them to appear in public.

5. In case of any health related emergency you have the right to call a doctor of your choice. You also have the right to have your meals at proper time.

6. Children can go to school and after clearance.

7. In case of difficulty in seizure of jewellary or other valuable articles (except stock in trade) the department may leave such items after necessary sealing etc. in the custody of assessee. Jewellery up to a specified limit (e.g. 500 grams per married lady, 250 grams per unmarried la…

How much Gold can you legally possess as per tax laws in India

Gold Jewellery/gold coins/gold bars up to 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family is accepted as allowed as per tax laws in india. Over and above this quantity, wealth tax is applicable.

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A case where Gold in possession was analysed and judgement was given involving taxation, the judgement has the following included:

'The Assessee's case 4.1 The assessee's explanation towards the impugned credit is of it being the sale proceeds of gold jewellery (1044.300 grams), received by her on the occasion of her marriage in 1982, as well as on the birth of first daughter and first son, as is common in Hindu Marwari families, to one which she belongs, being rather a part of her streedhan. In fact, even the Revenue, in view thereof, vide CBDT Instruction No. 1916 dated 11.05.1994, directs its officers not to seize gold ornaments to the extent of 500 grams in search in the case of a married lady. The jewellery is, fur…

How much Gold you can carry back to India ?: Baggage rules as prescribed by Indian Customs for passage though airport

IMPORTOF GOLD AS BAGGAGE –



 A Passenger eligible to import Gold (studded jewellery is excluded) in the Baggage is:

1)     Anypassenger of Indian Origin or a passenger holding a valid

         Passport,issued under the Passport Act, 1967,

 2)    who is coming to India after a period of not less than sixmonths         of   stay abroad; and short visits, if any, madeby the passenger during  the aforesaidperiod of six months shall be ignored if the total   duration of stay on such visits does notexceed thirty days.



Thus, excepteligible passenger who satisfy above conditions, no other   Passengers are allowed to import gold inbaggage.





OtherConditions

(i) The duty shall bepaid in convertible foreign currency.

Concessional rate ofduty @ 10% is applicable for gold to Indian passport holders and persons ofIndian origin if stay abroad is for more than 6 months. Short visits upto atotal of 30 days during the six months shall be ignored.



(ii) The weight ofgold should not exceed 1 kg. per passenger.



(ii…