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Jewelry Purchases In Cash Above Rs 2 Lakhs To Attract Tax
Monday, February 20, 2017, 12:02 PM
Cash purchases of jewellery will attract a 1% TCS (tax collected at source) from April 1, 2017, if the amount exceeds Rs 2 lakhs. The Income Tax Department has been levying 1% TCS on cash purchases of bullion in excess of Rs 2 lakhs and jewellery in excess of Rs 5 lakhs since July 1, 2012.