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Business Standard25d
1% TCS on luxury goods: FAQs, items covered under it & what experts say
The new rule, notified Tuesday, comes under the amended Section 206C(1F) of the Income Tax Act, 1961, and mandates a 1 per cent TCS on specified high-value items. Previously, this section applied only ...
Indiatimes25d
New 1% TCS on luxury goods: Full list, limits & FAQs - what the new rule means for you
Will TCS be levied on the sale of a single item of the notified goods exceeding Rs 10 lakh? Yes, TCS will be levied on the sale of a single item of any of the goods listed above if the value ...
Indiatimes26d
New 1% TCS: Know the list of specified goods, threshold, effective date and more as CBDT releases FAQ
Read below to know more about TCS on luxury goods. Q.1 What changes were brought in section 206C(1F) of the Income Tax Act, 1961 through Finance (No. 2) Act, 2024? Answer: Earlier, Section 206C(1F) ...
Business Today26d
I-T department expands luxury goods list for 1% TCS: here’s what’s included, check details
The newly expanded list under Section 206C(1F) of the Income Tax Act features luxury items including racing horses, yachts, helicopters, and sports equipment like golf kits and ski gear ...
Hosted on MSN26d
New 1% TCS on luxury goods: Full list, limits & FAQs - what the new rule means for you
Below are comprehensive FAQs on the new provisions, along with the list of luxury goods that will be subject to TCS: What changes were brought in section 206C(1F) of the Income Tax Act ...
The Indian Express26d
From watches to handbags, and paintings: Income Tax dept notifies luxury items on which taxpayers will have to pay 1% TCS
The Budget for 2024-25, presented in July 2024, had mentioned amendment of Section 206C of the Income-tax Act. The Finance Act, 2024 had stated that a seller of a motor vehicle priced above Rs 10 lakh ...
indiafilings.com26d
CBDT Announces 1% TCS on Luxury Goods Above ₹10 Lakh
Luxury Goods Subject to Tax Collected at Source (TCS) As per the latest notification, the following luxury goods will be subject to Tax Collected at Source (TCS) by the seller, in accordance with ...
Hosted on MSN26d
New 1% TCS: Know the list of specified goods, threshold, effective date and more as CBDT releases FAQ
Read below to know more about TCS on luxury goods. Answer: Earlier, Section 206C(1F) provided for collection of tax at source (TCS) on sale of motor vehicles of value exceeding Rs 10 lakh.
The Telegraph27d
Luxury goods to attract 1% TCS: Government tightens tax net on high-value purchases over Rs 10 lakh
The 1 per cent TCS comes into effect from April 22. Already, under Section 206C(1F) of the IT Act, introduced as part of the Budget presented in July, 2024, TCS of 1 per cent rate is being levied on ...
Tax Guru27d
TCS on Luxury Goods: New Tax Rules in India
Summary: The Indian government has expanded the scope of Tax Collected at Source (TCS) under Section 206C(1F) of the Income-tax Act, 1961, to include certain luxury goods. This provision, initially ...
Tax Guru27d
FAQs on TCS on Luxury Goods: New Rules & Items (₹10 Lakh+)
The Finance (No 2) Act 2024, amended Section 206C(1F) of the Income Tax Act, 1961, to broaden the scope of Tax Collected at Source (TCS). Previously applicable only to the sale of motor vehicles ...