Advise on jewellery information
Querist : Anonymous
Please advise me on below information...
To curb the flow of unaccounted money in the bullion & jewellery trade, the
collection of Tax at Source (TCS) by the seller @ 1 % of the sale amount from the
buyer for all cash transactions exceeding Rs.2 lakh had been proposed in Union
Budget 2012-13. This threshold limit has been enhanced to Rs. 5 Lakh in respect
of jewellery and bullion. In respect of bullion, it is further clarified that bullion
will not include any coin or other article weighing 10 gms or less. (AS PER BHADRESH S. SHAH & CO.)
Querist : Anonymous
Querist : Anonymous
Accordingly the buyer will have to provide his PAN to the jeweller.
Click here to login now
Similar Resolved Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Royalty payments to the Mining Department for procurement of murum - GST input
- Form 144 TDS Return Validation Error – Mandatory Fields
- IMS (import of goods) ITC related
- TDS- 2026-27 Q1 Correction
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- GSTR9 Annual Return
- LLP audit and disclosure
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
