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More Luxury Items to Attract 1% TCS
Financial Express Chandigarh
|April 24, 2025
Tax to be levied on sale value above ₹10 lakh
TO WIDEN THE tax base and increase traceability of luxury spending, the Income Tax department has brought a slew of items, including wrist watches, art pieces, shoes, handbags and even horses for racing, under tax collected at source (TCS). Sale of these items, exceeding ₹10 lakh in value, will now attract TCS at the rate of 1%.
The TCS provision for luxury goods as well as motor vehicles costing above ₹10 lakh was introduced via Finance Act, 2024, as part of the Budget presented in July 2024.
Cette histoire est tirée de l'édition April 24, 2025 de Financial Express Chandigarh.
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