New Delhi: The newly amended Income Tax law will not tax ancestral jewellery and gold that has been purchased out of disclosed income, said government on Thursday.
No seizure of gold jewellery up to 500 gm per from married women, 250 gm per from unmarried and 100 gm from men in I-T searches.
Reliance Industry Limited’s Chairman and Managing Director Mukesh Ambani on Thursday gave Prime Minister Narendra Modi’s demonetisation policy a thumb’s up during an event celebrating Reliance Jio crossing the 50 million subscriber mark in just 83 days.
He said, with this historic step he has given strongest possible push to digitally enabled economy. He further said that Jio is working to empower Indian merchants by building a digital retail ecosystem which will be called Jio Money Merchant Solutions.
Former Prime Minister H D Deve Gowda, who had implemented a Voluntary Disclosure Scheme (VDS) to unearth black money during his tenure, on Thursday said the present government had carried out demonetisation in a “haphazard” manner causing “unimaginable sufferings” to the people.
Government has cut short the deadline of using old Rs 500 notes at petrol pumps and for buying airline tickets at airports till December 2 instead of December 15 announced earlier.
A day after Pay day, more chaos was witnessed outside bank offices with a large number of people queuing up to withdraw their money.
Stay tuned for more updates.
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