New 1% tax on luxury goods over Rs 10 lakh, like handbags and watches, effective April 22.

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

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.