Friday, December 30, 2016
Friday, December 2, 2016
#RSBL : Govt's new exemptions on GOLD
#RSBL
No tax on ancestral jewellery, purchase from disclosed income:
NEW DELHI: Amendments to the I-T laws do not seek to tax inherited #gold and #jewelry as also those items that are purchased through disclosed or agriculture income, the government said on Thursday.
The Lok Sabha earlier this week passed the #Taxation Laws (Second Amendment) Bill, which proposes a steep up to 85 per cent tax and penalty on undisclosed wealth that is discovered by tax authorities during search and seizure.
Dispelling rumours that jewellery would be covered under the amended law, the Central Board of Direct Taxes (CBDT) said the government has not introduced any new provision regarding chargeability of tax on jewellery.
"The jewellery/gold purchased out of disclosed #income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions," the CBDT said.
The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders.
Another section inserted provides for an additional 10 per cent penalty on being established that the undeclared wealth is unaccounted or #blackmoney, taking the total incidence of levies to 85 per cent.
CBDT said: "Tax rate under section 115BBE is proposed to be increased only for unexplained income as there were reports that the tax evaders are trying to include their undisclosed income in the return of income as business income or income from other sources.
"The provisions of section 115BBE apply mainly in those cases where assets or cash etc. are sought to be declared as 'unexplained cash or asset' or where it is hidden as unsubstantiated business income, and the Assessing Officer detects it as such."
Source: TOI
Source : https://www.facebook.com/prithviraj.kothari
No tax on ancestral jewellery, purchase from disclosed income:
NEW DELHI: Amendments to the I-T laws do not seek to tax inherited #gold and #jewelry as also those items that are purchased through disclosed or agriculture income, the government said on Thursday.
The Lok Sabha earlier this week passed the #Taxation Laws (Second Amendment) Bill, which proposes a steep up to 85 per cent tax and penalty on undisclosed wealth that is discovered by tax authorities during search and seizure.
Dispelling rumours that jewellery would be covered under the amended law, the Central Board of Direct Taxes (CBDT) said the government has not introduced any new provision regarding chargeability of tax on jewellery.
"The jewellery/gold purchased out of disclosed #income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions," the CBDT said.
The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders.
Another section inserted provides for an additional 10 per cent penalty on being established that the undeclared wealth is unaccounted or #blackmoney, taking the total incidence of levies to 85 per cent.
CBDT said: "Tax rate under section 115BBE is proposed to be increased only for unexplained income as there were reports that the tax evaders are trying to include their undisclosed income in the return of income as business income or income from other sources.
"The provisions of section 115BBE apply mainly in those cases where assets or cash etc. are sought to be declared as 'unexplained cash or asset' or where it is hidden as unsubstantiated business income, and the Assessing Officer detects it as such."
Source: TOI
Source : https://www.facebook.com/prithviraj.kothari
Thursday, December 1, 2016
#RSBL : Man caught on cmera casually stealing $1.6 million bucket of gold in NYC
#NEWYORK - The NYPD has released surveillance footage showing an unidentified man stealing a bucket full of #gold flake from the back of a truck in Midtown Manhattan. Police say the 86 pound bucket worth $1.6 million #dollars was so heavy the suspect had trouble carrying it. According to the New York police department it took the man an hour to walk a distance that should have taken 10 minutes at the most. #RSBL
Tuesday, November 29, 2016
#RSBL : Gold price nears ten-month low and could fall to #1150
The #goldprice closed in on its lowest level for ten months yesterday, hitting a nadir of $1,180 before recovering slightly.
Having fallen in excess of ten per cent from a brief post- #USpresidentialelection high of $1,337, the precious metal remains under pressure ahead of an expected increase in US interest rates next month.
New figures show spending by US companies grew 4.8 per cent last month, its biggest gain in a year.
Coupled with recent strong labour reports and positive rhetoric from #policymakers, this has convinced traders borrowing costs will rise in December, with market bets putting the likelihood near 100 per cent.
Looking into next year, markets are booming on the back of speculation that a spending splurge by incoming president #DonaldTrump will fuel a rapid rise in #inflation, while the dollar is at a 14-year high.
A spike in inflation would hurt non-yielding gold if it triggers even more rapid rate rises. The boost in the dollar is biting now as gold is often held as a hedge against the US #currency.
Trading today has been thin and US markets are on holiday, leaving the gold price standing at $1,185 an ounce. So where does it go from here?
#RSBL
source: The Week
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Monday, November 28, 2016
#RSBL : Bullion Market reopens after 16 days; gold tumbles Rs.1750/-
#RSBL With #bullionmarket reopening after 16 days on Monday, gold prices witnessed a massive plunge of Rs 1,750 to Rs 29,400 per 10 grams in the national capital, while silver slumped by Rs 3,100 to Rs 41,600 per kg.
Gold and jewelry establishments had been closed since November 11 after the Income-Tax Department carried out surveys following reports of alleged profiteering and efforts at #taxevasion in the wake of government's #demonetization of move.
The government on November 8 announced the demonetization of 500 and 1,000 rupee notes to flush out black money.
Globally, #gold traded 0.75 per higher at US$ 1,192.80 an ounce, while #silver rose 3 per cent to US$ 16.80 an ounce in #Singapore.
Source : https://www.facebook.com/prithviraj.kothari
Friday, November 25, 2016
#RSBL : Gold price drops to its lowest in 9 months
24K #gold is now Dh14.50 cheaper than its peak in the wake of #DonaldTrump's victory.
#Dubai: The precious metal has broken the closely watched $1,200 support level, as it plunged to its lowest in nine months on Wednesday.
Gold’s series of declines following the election of Donald Trump in the US has also resulted in an uptick in physical buying at jewellery stores in Dubai.
As of 8:28pm, 24K was retailing in Dubai at Dh143.50 per gram, down by a whopping Dh14.50 since its peak in the wake of Trump’s victory (November 7).
Analysts are betting on this trend to continue on heightened interest rate increase expectations.
source: gulfnews
Source : https://www.facebook.com/prithviraj.kothari
Wednesday, November 23, 2016
#RSBL : Modern alchemy: Russian scientists discover how to extract gold from coal
Researchers from the #RussianAcademy of Sciences’ Far East branch say they are building a facility to make gold out of coal.
The #discovery of gold lacing in coal is the result of 15 years of study from different fields.
To create the gold, smoke created in burning coal goes through a hundred-fold purifying system. The residue is then flushed through a filter with water, allowing a gold concentrate to be extracted that is later used to make the precious metal.
The scientists are planning to test the #goldmaking equipment in one of the Amur region’s boiler houses next year, and ultimately hope to receive a grant to develop and implement an industrial grade device.
“We plan to use municipal boiler houses to implement our filtering system because they burn about eight to 10 thousand tons in a season, and that’s potentially 10 kilos of #gold.”
Deputy head of the Amur scientific center of the Russian Academy of Sciences’ Far East branch, Andrey Konyushok.
The whole operation is on hold until spring kicks in because of subzero temperatures. Part of the process takes place outside and the water used for filtering freezes up.
#RSBL
Source : https://www.facebook.com/prithviraj.kothari
Tuesday, November 22, 2016
#RSBL : Gold is ready to go higher
Randgold Resources CEO Mark Bristow told Jim Cramer on Monday that he expects #goldprices to shine in the long run.
"There are a lot of things impacting gold at the moment. I have always said that gold will be very #volatile for the next two or three quarters, but ultimately the fundamentals are very strong for a rise in gold price," Bristow told the "Mad Money" host.
Randgold's price initially soared on the panic surrounding Brexit, Bristow said, followed by confusion surrounding the outcome of the American presidential election. Thus, as the stock market continues to roar higher since President-elect Donald Trump's victory, the price of gold has been hit hard.
However, a bet on Trump could translate into investors buying gold. Trump has said he plans for tax cuts and infrastructure spending, which means the government may need to borrow a lot of money. This could prompt the economy to accelerate, and inflation to rise.
When inflation rises, people buy #gold. It's that simple.
Source: CNBC
Source : https://www.facebook.com/prithviraj.kothari
"There are a lot of things impacting gold at the moment. I have always said that gold will be very #volatile for the next two or three quarters, but ultimately the fundamentals are very strong for a rise in gold price," Bristow told the "Mad Money" host.
Randgold's price initially soared on the panic surrounding Brexit, Bristow said, followed by confusion surrounding the outcome of the American presidential election. Thus, as the stock market continues to roar higher since President-elect Donald Trump's victory, the price of gold has been hit hard.
However, a bet on Trump could translate into investors buying gold. Trump has said he plans for tax cuts and infrastructure spending, which means the government may need to borrow a lot of money. This could prompt the economy to accelerate, and inflation to rise.
When inflation rises, people buy #gold. It's that simple.
Source: CNBC
Source : https://www.facebook.com/prithviraj.kothari
Monday, November 21, 2016
#RSBL : Jewellers hit, offer 1% discount on gold for online transfer of fundsa
#RSBL Jewelers hit, offer 1% discount on gold for online transfer of funds:
Following the central government’s #demonetization drive and the subsequent searches by income-tax authorities, jewelers have adopted various methods o keep their sales momentum going.
To lure customers, jewelers not only accepted #bannedcurrency notes of ~500 and ~1,000 denominations for the initial two days from the date of the ban but also facilitated personal delivery of ornaments to customers with large orders. Now, continuing this process, jewelers have started selling #ornaments with ~280 or nearly one per cent discount to customers who prefer online transfer of money either through real-time gross settlement system (#RTGS) or national electronic fund ransfer (#NEFT)
Source: Business Standard
Following the central government’s #demonetization drive and the subsequent searches by income-tax authorities, jewelers have adopted various methods o keep their sales momentum going.
To lure customers, jewelers not only accepted #bannedcurrency notes of ~500 and ~1,000 denominations for the initial two days from the date of the ban but also facilitated personal delivery of ornaments to customers with large orders. Now, continuing this process, jewelers have started selling #ornaments with ~280 or nearly one per cent discount to customers who prefer online transfer of money either through real-time gross settlement system (#RTGS) or national electronic fund ransfer (#NEFT)
Source: Business Standard
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