Luxury goods priced over Rs 10 lakh, such as handbags, watches, art, and yachts, will now face 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 high-value transactions by necessitating PAN details for such purchases.
New 1% TCS on Luxury Goods Over Rs 10 Lakh to Aid Tax Tracking: Finance Act 2024.
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