More high-value purchases to attract 1% TCS

THE tax department is now going to track high-value purchases above ₹10 lakh like wristwatches, art pieces, antiques, yachts, and collectibles by levying a 1% TCS on them.

- DIPAK MONDAL @ New Delhi

The department has expanded the scope of tax collected at source (TCS) framework and brought in more high-value goods under its purview.

The new luxury items brought in under the purview of TCS include wrist watch, art objects such as paintings, sculptures, and antiques, collectible items including coins and stamps, yachts, helicopters, luxury handbags, sunglasses, footwear, high-end sportswear and equipment, home theatre systems, and horses intended for racing or polo.