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Friday, May 3, 2013

You have to Pay extra for buying gold in cash from June 1

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CASH purchase of gold, including coins and articles, exceeding over Rs 2 lakh will attract 1 per cent tax from June 1.

 

The sale of bullion (including coinsarticles) in cash in excess of Rs 2 lakh shall be subject to TCS (tax collection at source) at rate of 1 per cent. Similarly, sale of jewellery in cash in excess of Rs 5 lakh will be subject to TCS of 1 per cent, it said in a clarification on the changes made in the Finance Bill 2013.

The modified tax provisions will come into effect from June 1.

As per the existing provisions, coins are neither included in bullion nor in jewellery, therefore, coins, even when amounting to more than Rs 2 lakh in value, were being sold in cash without TCS.

Clarifying that the government has not imposed any new levy, only the exclusion of coin or any other article (weighing 10 gm or less) has been done away with in the Bill passed by the Lok Sabha on Tuesday.

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

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These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

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Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
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    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

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Mutual Fund Application Forms Download Any Applications
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