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 Under the Prevention of Money Laundering Act (PMLA), 2002. For this, the government had also issued a notice on December 28, 2020. Under this Act, if a customer buys gold worth Rs 10 lakh or more in cash, then the jewelers will have to immediately inform the authorities by taking the KYC of that customer i.e. his PAN or Aadhar card. What do income tax rules say? Income tax laws do not permit cash transactions beyond a specified limit. Under Section 269ST of the Income Tax Act, 1961, a person cannot make cash transactions totaling more than Rs 2 lakh in a day, whether the person buys gold worth Rs 2 lakh at one go or a few thousand. The overall thing is that a person cannot buy gold worth more than Rs 2 lakh in cash in a day. If a person buys gold jewelery worth more than Rs 2 lakh in cash in a single day, it will be a violation of the Income Tax Act. The person taking cash in such transactions will be liable to pay penalty on the amount transacted in cash as per Section 271D of th...

 NPS offers you to save for your golden years with tax benefits on your investments. However, the amount of pension is not guaranteed and depends on the accumulated corpus and rates available at the time of vesting.  Read more at: http://www.moneycontrol.com/news/retirement/should-you-investnps_1667841.html?utm_source=ref_article Part 2: From Economic times. Friends want to know whether they should invest in the NPS. With tax saving driving investment decisions, people are drawn to the additional Rs 50,000 deduction under Sec 80CCD(1b). But here is why I wouldn't be investing in the NPS. Very long lock-in period All tax-saving investments have lockin periods, but none as long as that of the NPS. The NPS can only be withdrawn at the age of 60. If you start at the age of 25-30, the lock-in period is 30-35 years. Even then, only 60% of the corpus can be withdrawn, and the remaining 40% will have to be put into an annuity for a monthly pension. Taxation on maturity The NPS is not ...