Luxury goods valued over Rs 10 lakh, such as handbags, watches, art, and yachts, will now be subjected to a 1% Tax Collected at Source (TCS) starting April 22. This 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% tax on luxury goods over Rs 10 lakh, like handbags and watches, effective April 22.
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