"New 1% TCS on Luxury Goods Over Rs 10 Lakh to Boost Tax Tracking from April 22"
Luxury goods valued at over Rs 10 lakh, such as handbags, watches, art, and yachts, will be subject to a 1% Tax Collected at Source (TCS) starting April 22. The new
Luxury goods valued at over Rs 10 lakh, such as handbags, watches, art, and yachts, will be subject to a 1% Tax Collected at Source (TCS) starting April 22. The 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.