New 1% TCS on Luxury Goods Over Rs 10 Lakh from April 22 to Boost Tax Monitoring.

Luxury goods valued 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 ne

Luxury goods valued 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 provision, part of the Finance Act 2024, is designed to improve the income tax department's monitoring of high-end transactions by requiring PAN details. The move is expected to help curb tax evasion and ensure greater transparency in high-value purchases.