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 on April 22. This new taxation, outlined in the Finance Act 2024, is designed to bolster the income tax department’s monitoring of high-end transactions by requiring PAN details.
Luxury goods over Rs 10 lakh to face 1% TCS starting April 22 under Finance Act 2024.
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