Luxury goods valued at over Rs 10 lakh, such as handbags, watches, art, and yachts, will be subject to a 1% Tax Collected at Source (TCS) starting April 22. The new provision, outlined in the Finance Act 2024, is designed to bolster the income tax department’s monitoring of high-end transactions by necessitating the submission of PAN details.
“New 1% TCS on Luxury Goods Over Rs 10 Lakh to Boost Tax Tracking from April 22”
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