Luxury goods priced over Rs 10 lakh, such as handbags, watches, art pieces, and yachts, will be subject to a new 1% Tax Collected at Source (TCS) starting April 22. The implementation of this tax, as outlined in the Finance Act 2024, is intended to bolster the income tax department’s monitoring of high-value transactions by necessitating the submission of PAN details.
New 1% TCS on Luxury Goods Over Rs 10 Lakh to Track High-Value Purchases Effective April 22
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