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CBDT has notified that a 1% Tax Collected at Source (TCS) will now apply on sale of few prescribed Luxury goods valued above INR 10,00,000/-, with effect from April 22, 2025. This move expands the scope of Section 206C(1F) of the Income-tax Act, 1961, which previously covered only high-value motor vehicles. Key Changes U/s 206C(1F) – Finance (No. 2) Act, 2024.
S. No | Nature of Goods |
1 | Any wrist watch |
2 | Any art piece (antiques, painting, sculpture) |
3 | Any collectibles (coin, stamp) |
4 | Any yacht, rowing boats, canoes, helicopters |
5 | Any pair of sunglasses |
6 | Any bag (handbag, purse) |
7 | Any pair of shoes |
8 | Any sportswear/equipment (golf kit, ski-wear) |
9 | Any home theatre system |
10 | Any horse used for horse racing or polo |
Rajput Jain and Associates provide end-to-end support whether you are buyers looking to claim TCS credit or a seller navigating the updated compliance and filing Form 27EQ. Get in touch for our expert assistance
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