Yesteethatsme!

Gold has a deep rooted significance in Indian culture, alluring people with its beauty and charm. Its golden glow evokes emotions as a culturally significant metal which has found a significant place in Indian hearts and homes alike.

Indians have a great infatuation with gold since a long time which has only grown stronger over the years. For that reason, Indians consume the most gold globally and it along with real estate makes up almost two-thirds of Indian household savings.

But we should definitely be aware of the answers to the different questions on investment in gold. Is investment in gold safe? Should I disclose the investment made in gold in my income tax returns? What are the precautions I need to take from a tax perspective? All these questions assume importance in view of the Government’s recent thrust on tracking unaccounted monies and investments.

We all are struggling to get back to our routine work and businesses, after the partial removal of the nationwide lockdown imposed to contain the spread of Covid pandemic, though a complete return to total normalcy is still quite far away.

In order to mitigate some part of our hardship, the Government had announced some relaxations in the Income Tax compliance requirements which include extension in the date for filing of income tax return (ITR) as well as linking PAN with Aadhaar.

Here are six recent changes made in the income tax and other compliance requirements:

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31st March, 2020 which, inter alia, extended various time limits.

In order to provide further relief to the taxpayers for making various compliances, the Government has issued a Notification on 24th June, 2020, the salient features of which are as under: