Luxury goods worth 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. The provision, outlined in the Finance Act 2024, is designed to bolster the income tax department’s monitoring of significant transactions by necessitating PAN details.
New 1% tax on luxury goods over Rs 10 lakh, like handbags and watches, effective from April 22.
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