Finance bill 2013-14 has passed in Lok Sabha on Tuesday April 30, 2013 and there are some amendments in the rules of taxation. Now TCS (Tax Collection at Source) will be applicable on gold coin less than 10 gms. The old rule as well as the new amended rule are as under.
Sale of bullion/jewellery is subject to TCS provisions in following cases:
- If the sale consideration of bullion (excluding any coin/article weighing 10 grams or less) exceeds Rs. 2,00,000; or
- If the sale consideration of jewellery exceeds Rs. 5,00,000 and out of sale consideration any amount is received in cash.
With effect from June 1, 2013, consideration of any coin or any other article weighing 10 grams or less shall not be excluded while calculating the monetary limit of Rs. 2,00,000.