TMI BlogSlew of Measures Proposed to Deter Generation and Use of Unaccounted Money Tax Collection at Source on Cash Purchase of Bullion/Jewellery Above Rs. 2 Lakh Tax Collection at Source on Trading in Coal, Lignite and Iron Ore Unexplained Money to be Taxed at 30 Per Cent.X X X X Extracts X X X X X X X X Extracts X X X X ..... Slew of Measures Proposed to Deter Generation and Use of Unaccounted Money Tax Collection at Source on Cash Purchase of Bullion/Jewellery Above Rs. 2 Lakh Tax Collection at Source on Trading in Coal, Lignite and Iron Ore Unexplained Money to be Taxed at 30 Per Cent. - News and Press Release Dated:- 16-3-2012 - News - Press Information Bureau Government of India Ministry of Finance 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6-March-2012 13:40 IST Slew of Measures Proposed to Deter Generation and Use of Unaccounted Money Tax Collection at Source on Cash Purchase of Bullion/Jewellery Above Rs. 2 Lakh Tax Collection at Source on Trading in Coal, Lignite and Iron Ore Unexplained Money to be Taxed at 30 Per Cent To deter the generation and use of unaccounted money, a series of measures have been propose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the Union Finance Minister Shri Pranab Mukherjee in the General Budget 2012-13 presented by him in the LokSabha here today. The measures include: Introduction of compulsory reporting requirement in case of assets held abroad. Allowing for reopening of assessment upto 16 years in relation to assets held abroad. Tax collection at source on purchase, in cash, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of bullion or jewellery in excess of Rs. 2 lakh. Tax deduction at source on transfer of immovable property (other than agricultural land) above a specified threshold. Tax collection at source on trading in coal, lignite and iron ore. Increasing the onus of proof on closely held companies for funds received from shareholders as well as taxing share premium in exc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess of fair market value. Taxation of unexplained money, credits, investments, expenditures etc., at the highest rate of 30 per cent irrespective of the slab of income. *** DSM/AG/DB/17 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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