Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARD :: VAT RATES :: TDS :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment
 
 
Indirect Tax »
 What is a belated income tax return and what are its consequences
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory
 Nearly 15 pct growth in direct tax collections for fiscal 2017-18
 Transformation of indirect taxation landscape

Income Tax department eyes foreign gold buyers
January, 20th 2014

Financial details of Indians bringing in gold from abroad after duty payment will be shared by customs authorities with Income Tax department to check suspicious ferrying of the yellow metal into the country.

According to norms, an Indian who has been living abroad for over six months can bring in a kg of gold legally after payment of duty. The duty, which is charged at the rate of 10 per cent, is payable in currency of the nation where the gold was bought.

Besides, a man can also bring in gold jewellery worth Rs. 50,000 and women Rs. one lakh, without payment of any duty, provided they live abroad for more than a year.

Officials in the Directorate of Revenue Intelligence (DRI), lead agency responsible for checking smuggling and customs duty evasion among others, said at least 3,000 kg of gold has been legally brought into the country after payment of customs duty during 2013-14.

"There has been a rise in people bringing in one kg of gold legally. There is a possibility of an organised gang of hawala operatives who could be exploiting these people after paying money. The PAN card details of these flyers are being shared with Income Tax department to ascertain source of their income and avoid possibility of any wrongdoing," a senior DRI official said.

There is a suspicion that the gold is being sold to bullion traders, they said.

The official cites that there is huge profit in legally bringing gold to India. An individual can make at least Rs. 2 lakh if he sells a kilogram of gold (which costs about Rs. 1.61 lakh) bought from foreign nations here

The DRI officials, who plead helplessness in checking this new modus operandi, are working in close coordination with their customs counterparts to maintain a data of such people.

"There is nothing we can do. After all they are paying duty. It is a legal thing," the official said.

While there was no all-India compiled figure available with the DRI on gold brought into the country legally, he said airports in southern part of the country (especially Kerala) are seeing spurt in this activity.

"Field officials have been alerted to keep a check on flyers and bullion traders. We will also seek help of Enforcement Directorate (ED) to check involvement of any hawala dealer in this," the official added.

The high demand of gold has been a matter of concern for Finance Ministry which is grappling to rein in Current Account Deficit (CAD), difference between the outflow and inflow of foreign currency. The CAD touched a historic high of $88.2 billion or 4.8 per cent of GDP in 2012-13 and was mainly attributed to high imports of petroleum products and gold.

India, the largest gold consumer in the world, has imported 830 tonnes of gold in 2012-13.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions