Contrary to the suggestion made by the policy think tank of the Government of India i.e. Niti Aayog to introduce the Gold Amnesty Scheme (‘scheme’), it has now been reported that no such scheme is under consideration by the apex body of direct taxes.
The scheme proposed to exempt the levy of penalty, including interest on the undeclared gold, however, it is now being reported that the CBDT have rejected any such proposal. It is popularly believed amongst the revenue officials that the scheme would encourage back marketers to legitimise the unaccounted cash, which were converted into gold during the demonetisation period.
Read more on: https://taxguru.in/income-tax/undisclosed-gold-hold.html
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