Penalty | Value of Gold and Silver | Conversion Table | Gift Tax

11. Penalty

    Default	Minimum Rs.	Maximum Rs.	Section
    Failure to comply with Notices u/ss. 16(2) and (4)	1,000	25,000	18(1)(b)
    Concealment of the particulars of assets or furnishing inaccurate particulars of assets or debts	Tax sought to be evaded	Five times of such tax	18(1)(c)
    Refusal to answer any question	500	10,000	18A(1)(a)
    Refusal to sign any statement made in course of any proceedings	500	10,000	18A(1)(b)
    Omission to attend to give evidence or to produce books of account or documents [summons u/s. 37(1)]	500	10,000	18A(1)(c)
    Failure to furnish statement or information on points specified in notice u/s. 38	100 per day	200 per day	18A(2)
    Committing default in payment of tax, interest or penalty	Nil	Amount in arrears	32

12. Rates of Gold and Silver

    Valuation Date	Gold (per 10 gms.) (Rs.)	Silver (per 1 kg.) (Rs.)
    01-04-1981	1,670	2,715
    31-03-1982	1,645	2,680
    31-03-1983	1,800	3,105
    31-03-1984	1,975	3,570
    31-03-1985	2,130	3,955
    31-03-1986	2,140	4,015
    31-03-1987	2,570	4,794
    31-03-1988	3,130	6,066
    31-03-1989	3,140	6,755
    31-03-1990	3,200	6,463
    31-03-1991	3,466	6,646
    31-03-1992	4,334	8,040
    31-03-1993	4,140	5,489
    31-03-1994	4,598	7,142
    31-03-1995	4,680	6,335
    31-03-1996	5,160	7,346
    31-03-1997	4,725	7,345
    31-03-1998	4,045	8,560
    31-03-1999	4,235	7,615
    31-03-2000	4,380	7,900
    31-03-2001	4,190	7,215
    31-03-2002	5,010	7,875
    31-03-2003	5,310	7,695
    31-03-2004	6,065	11,770
    31-03-2005	6,180	10,675
    31-03-2006	8,490	17,405
    31-03-2007	9,395	19,520
    31-03-2008	12,125	23,625
    31-03-2009	15,105	22165
    31-03-2010	16,320	27255
    31-03-2011	20,775	56,900