Gold jewellery limits: What’s the rationale?

The government and the income-tax department have done well to clarify that there will be no seizure of gold jewellery and ornaments totalling 500 gm for a married woman, 250 gm for an unmarried one and 100 gm for a man, even if prima facie it doesn’t seem to match the income record of the … Read more Gold jewellery limits: What’s the rationale?

No tax on gold or jewellery bought from disclosed income

The government on Thursday sought to quell rumours that all gold jewellery, including ancestral jewellery, will now be taxed following the passage of the Taxation Laws (Second Amendment) Bill 2016 in the Lok Sabha. The government clarified that gold or jewellery bought from disclosed income would not be taxed. “It is clarified that the jewellery/gold … Read more No tax on gold or jewellery bought from disclosed income

Nirmala Sitharaman Backs Demonetisation, Says People Support the Move

Varanasi: Despite facing hardships people in the country are supporting demonetisation, Commerce and Industry Minister Nirmala Sitharaman said in Varanasi on Sunday while criticising opposition for disrupting Parliament on the issue. People in the country, despite facing hardships, are supporting the Prime Minister’s demonetisation move, which is in the “greater interest our nation”, she told … Read more Nirmala Sitharaman Backs Demonetisation, Says People Support the Move

Demonetisation: Organised jewellery firms see growth spurt

India’s jewellery market, estimated at $45 billion (or Rs 3 lakh crore), which is 85 per cent unorganised, may see a shift due to demonetisation and introduction of the goods and services tax (GST). As Titan’s Managing Director Bhaskar Bhat explains, the ban on high-value notes coupled with the GST, will compel the unorganised market … Read more Demonetisation: Organised jewellery firms see growth spurt