Clarification on Amendment to Section 206-C of Income Tax Act dealing with Tax Collection at Source (TCS) on Sale of Bullion or Jewellery in Cash

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..... Clarification on Amendment to Section 206-C of Income Tax Act dealing with Tax Collection at Source (TCS) on Sale of Bullion or Jewellery in Cash
News and Press Release
Dated:- 2-5-2013

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..... Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh is subject to Tax Collection at Source (TC .....

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..... S) @ 1%. As coins were neither included in bullion nor in jewellery, therefore, coins, even when amounting to more than Rs. 2 lakh in value, were being sold in cash without TCS. The Finance Bill, 201 .....

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..... 3 proposes to delete exclusion of coins/articles weighing 10 grams or less from bullion. Hence, the sale of bullion (including coins/articles) in cash in excess of Rs 2 lakh shall be subject to TCS @1 .....

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..... %. Similarly, sale of jewellery in cash in excess of Rs 5 lakh shall be subject to TCS @1%. It is not a new levy of tax but continuation of old levy except withdrawal of exemption in the case of coin .....

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..... s/articles weighing 10 grams or less. DSM/RS/ka (Release ID :95403)
News - Press release - PIB .....

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