"Rs 10 lakh+ luxury goods face new 1% TCS tax from April 22 under Finance Act 2024"

Luxury goods valued at over Rs 10 lakh, such as handbags, watches, art, and yachts, will now be subject to a 1% Tax Collected at Source (TCS) starting from April 22.

Luxury goods valued at over Rs 10 lakh, such as handbags, watches, art, and yachts, will now be subject to a 1% Tax Collected at Source (TCS) starting from April 22. This new regulation, 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.