Luxury goods valued over Rs 10 lakh, such as handbags, watches, art, and yachts, will now be subject to a 1% Tax Collected at Source (TCS) starting April 22. This new provision, part of the Finance Act 2024, is designed to improve the income tax department’s monitoring of high-end transactions by requiring PAN details. The move is expected to help curb tax evasion and ensure greater transparency in high-value purchases.