Luxury goods priced over Rs 10 lakh, such as handbags, watches, art, and yachts, will attract 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-end transactions by necessitating PAN information.
New 1% TCS on luxury goods over Rs 10 lakh to track high-value purchases, effective April 22.
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