GENSERVE

A s we know gold control act 1968 has been abolished in June 1990, so there is no restriction on the quantum of gold one can hold in India. There is no limit up to which an individual can hold gold.  However, CBDT has issued instructions in May 1994, which directed officials not to seize gold jewellery unto a certain quantity based on the gender of a person whether they are married or unmarried. Limit the use of gold  For married females- 500 grams  For unmarried females - 250 grams  For males- 100 grams. As per the circular, the official can seize up to limit even if the income of the family and their reputation doesn't warrant such holdings. This circular is only for gold jewellery, so it doesn't allow you to hold gold coins, biscuits, diamonds, and other precious metals unless you establish the acquisition for the same. Officials cannot seize gold jewellery up to the specified limit unless you can explain the source of income for such excess limi...

S teady flow of tax revenue to government exchequer without waiting for actual crystallization of tax liability. When tax liability of current estimated income exceeds the specified limit, then assessee required to pay estimated tax in installments during financial year itself. Who is liable to Pay Every assessee whose estimated tax liability,which is calculated on estimated current taxable income, is Rs 10,000 or more , irrespective of his residential status. Note:-  Resident individual whose income is not chargeable under PGBP & whose age is 60 years or more at any time during previous year, is not required to pay Advance Tax. How To Compute Every income is subject to advance tax, even if such income is subject to TDS or subject to any special rate of tax. Estimated Gross total income                    xxx Less: Deduction under chapter VI-A         xxx Net estimated total income      ...