Luxury goods valued at over Rs 10 lakh, such as handbags, watches, art, and yachts, will now be subjected to a 1% Tax Collected at Source (TCS) starting from April 22. This new regulation, outlined in the Finance Act 2024, is designed to bolster the income tax department’s monitoring of high-worth transactions by necessitating PAN details.
“New 1% TCS on luxury items over Rs 10 lakh aims to track high-value purchases effectively”
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