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

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 https://www.taxtmi.com/news?id=17006 The Bill raises the tax rate under section 115BBE for income treated as unexplained investments but does not alter the existing chargeability framework under sections 69, 69A and 69B; jewellery acquired from disclosed income, exempted income, reasonable household savings or lawful inheritance is not made taxable by the amendment. Administrative safeguards (Instruction No.1916) limit seizure of jewellery during searches and protect legitimate holdings. en-us Thu, 01 Dec 2016 16:22:07 +0530 Thu, 01 Dec 2016 16:22:07 +0530 TaxTMI RSS Generator 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 https://www.taxtmi.com/news?id=17006 The Bill raises the tax rate under section 115BBE for income treated as unexplained investments but does not alter the existing chargeability framework under sections 69, 69A and 69B; jewellery acquired from disclosed income, exempted income, reasonable household savings or lawful inheritance is not made taxable by the amendment. Administrative safeguards (Instruction No.1916) limit seizure of jewellery during searches and protect legitimate holdings. News - Thu, 01 Dec 2016 16:22:07 +0530 https://www.taxtmi.com/news?id=17006