New 1% TCS on Luxury Goods Over Rs 10 Lakh from April 22 to Bolster Tax Tracking
Luxury goods valued at 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. This
Luxury goods valued at 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. This new regulation, outlined in the Finance Act 2024, is designed to boost the income tax department's monitoring of high-end transactions by requiring PAN details.