declaration of gold under IDS2016
This query is : Resolved
21 September 2016
Assessee has purchased 10kg gold in the year 2006 for a total value of one crore. Now the Assessee wishes to declare under the IDS. Current market value of the gold is 3crores. Assessee possesses Bills for the gold when purchased but he doesn't have the source of the amount paid. Now if he declares his 10kg gold, what will be the consequences?
21 September 2016
he can opt for the same with the valuation as on 01/06/2016
21 September 2016
No consequences pay 45% tax on the value of gold as on 01/06/2016. Payment of tax can be paid in 3 instalments up to 30th September 2017.
21 September 2016
But he bought it only for 1cr. Does he have to pay on 3cr?
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21 September 2016
Does he have to show the source of the amount which he used to purchase gold in 2006?
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21 September 2016
No source to be declared. He has to pay tax at 45% on 3 crore as per the scheme.
21 September 2016
Source wont be asked for. Find out the value as on 01/06/2016 and proceed accordingly.....(Current market price has got no relevance)
21 September 2016
Per suppose if the Assessee has 1cr liquid cash, then what are the consequences?
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21 September 2016
He has to pay 45 lacs as taxes under this scheme.
21 September 2016
Dont you think there are some loopholes? One of my principal Auditors says that there is some loophole through which we can reduce the amount of tax we pay.
21 September 2016
then ask him/her the loopholes no? and share it with us
21 September 2016
then leave it.....
also when ever he starts boasting upon any loopholes or some thing, tell him...sir either share it or dont talk such things like loopholes etc at all.
also when ever he starts boasting upon any loopholes or some thing, tell him...sir either share it or dont talk such things like loopholes etc at all.
21 September 2016
Ya.. As if i could say that to my principal Auditor.... !!!!
21 September 2016
why not? If s/he is NOT ready to share...
Please note that the Principal is duty bound towards its articled to share the knowledge....(Otherwise what is use of undergoing articleship?)
Truth and Fairness are the 2 basic pillars of ICAI
If any one is not following the same , we have to have the mind set to say so.... it is very much required in our profession.... (See the shade of politeness may differ from person to person....but it must be notified) What do you say?
Please note that the Principal is duty bound towards its articled to share the knowledge....(Otherwise what is use of undergoing articleship?)
Truth and Fairness are the 2 basic pillars of ICAI
If any one is not following the same , we have to have the mind set to say so.... it is very much required in our profession.... (See the shade of politeness may differ from person to person....but it must be notified) What do you say?
21 September 2016
Do try to tell your principal to share the loopholes in IDS 2016. All the best. If you get the same you can share the same with me either through this reply or my e mail id amol@vpraca.com
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