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Government clarifies that the apprehension sought to be created that the jewellery with the household which is acquired-out of disclosed sources or exempted income shall become taxable under the proposed Taxation Laws (Second Amendment) Bill 2016 is totally unfounded and baseless

News and Press Release - Dated:- 1-12-2016 - In the wake of Taxation Laws (Second Amendment) Bill, 2016 which has been passed by the Lok Sabha and is under consideration with Rajya Sabha, some rumours have been making rounds that all gold jewellery including ancestral jewellery shall be taxed @75% plus cess with a further penalty liability of 10% of tax payable. It is hereby clarified that the above Bill has not introduced any new provision regarding chargeability of tax on jewellery. The Bill o .....

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5BBE is proposed to be increased only for unexplained income as there were reports that the tax evaders are trying to include their undisclosed income in the return of income as business income or income from other sources. The provisions of section 115BBE apply mainly in those cases where assets or cash etc. are sought to be declared as unexplained cash or asset or where it is hidden as unsubstantiated business income, and the Assessing Officer detects it as such. It is clarified that the jewel .....

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