GST to benefit lower, lower-middle income class: Asian Development Bank

NEW DELHI: The goods and services tax in India will benefit the lower and lower-middle income class as it is likely to reduce the tax rate on goods, a blog posted on Asian Development Bank’s website said. It will mitigate significantly the negative impact of goods and services tax (GST) on the “bottom half” of … Read more GST to benefit lower, lower-middle income class: Asian Development Bank

Ludhiana: IT unearths unaccounted income of Rs 15.40 crore from jeweller; 15 lakh in new currency recovered

The income tax raids at the residence and shop of Khanna Jewellers of Ludhiana ended Friday late after two days of search. Sources confirmed that the owners have surrendered unaccounted income worth Rs 15.40 crore in the form of properties and other deposits. The income tax officials have also recovered Rs 15 lakh in new … Read more Ludhiana: IT unearths unaccounted income of Rs 15.40 crore from jeweller; 15 lakh in new currency recovered

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

No new provision in proposed I-T law to charge tax on jewellery from disclosed income: Govt

The government on Thursday rubbished reports that jewellery present in a household acquired out of disclosed sources or exempted income shall become taxable under the proposed Taxation Laws (Second Amendment) Bill, 2016. In a statement issued, the government said no new provision regarding chargeability of tax on jewellery has been introduced. “The Bill only seeks … Read more No new provision in proposed I-T law to charge tax on jewellery from disclosed income: Govt