Luxury goods priced above Rs 10 lakh, such as handbags, watches, art, and yachts, will now be subject to a 1% Tax Collected at Source (TCS) starting April 22. This new provision, outlined in the Finance Act 2024, is designed to bolster the income tax department’s monitoring of high-value transactions by necessitating the submission of PAN details. The move is expected to curb tax evasion and improve transparency in high-end purchases.<\/p>\n","protected":false},"excerpt":{"rendered":"
Luxury goods priced above Rs 10 lakh, such as handbags, watches, art, and yachts, will now be subject to a 1% Tax Collected at Source (TCS) starting April 22. This new provision, outlined in the Finance Act 2024, is designed to bolster the income tax department’s monitoring of high-value transactions by necessitating the submission of […]<\/p>\n","protected":false},"author":0,"featured_media":107289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[25],"tags":[],"aioseo_notices":[],"featured_image_urls":{"full":["https:\/\/vanillanews.com\/wp-content\/uploads\/2025\/04\/msid-120556436imgsize-2518450-4.jpg",2016,1134,false],"thumbnail":["https:\/\/vanillanews.com\/wp-content\/uploads\/2025\/04\/msid-120556436imgsize-2518450-4-150x150.jpg",150,150,true],"medium":["https:\/\/vanillanews.com\/wp-content\/uploads\/2025\/04\/msid-120556436imgsize-2518450-4-300x169.jpg",300,169,true],"medium_large":["https:\/\/vanillanews.com\/wp-content\/uploads\/2025\/04\/msid-120556436imgsize-2518450-4-768x432.jpg",640,360,true],"large":["https:\/\/vanillanews.com\/wp-content\/uploads\/2025\/04\/msid-120556436imgsize-2518450-4-1024x576.jpg",640,360,true],"1536x1536":["https:\/\/vanillanews.com\/wp-content\/uploads\/2025\/04\/msid-120556436imgsize-2518450-4-1536x864.jpg",1536,864,true],"2048x2048":["https:\/\/vanillanews.com\/wp-content\/uploads\/2025\/04\/msid-120556436imgsize-2518450-4.jpg",2016,1134,false]},"author_info":{"display_name":"","author_link":"https:\/\/vanillanews.com\/index.php\/author\/"},"category_info":"JUST IN<\/a>","tag_info":"JUST IN","comment_count":"0","_links":{"self":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/107288"}],"collection":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/comments?post=107288"}],"version-history":[{"count":0,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/107288\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/media\/107289"}],"wp:attachment":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/media?parent=107288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/categories?post=107288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/tags?post=107288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}