Luxury goods priced over Rs 10 lakh, such as handbags, watches, art, and yachts, will be subjected to a 1% Tax Collected at Source (TCS) starting April 22. The move, outlined in the Finance Act 2024, is designed to bolster the income tax department’s monitoring of significant transactions by necessitating PAN information.
“New 1% TCS on Luxury Goods Over Rs 10 Lakh to Aid Tax Tracking, Effective April 22”
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