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.
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