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tcs on products: Most of the handbags, wrist clocks, shoes and sportswear (sports wearing products), priced most from ten million rupees, now one percent on luxury items such as one percent & lsquo; tax collection & rsquo; (TCS). The Income Tax Department has notified TCS’s projection at the rate of one per cent on the sale of specific luxury goods from April 22, 2025 to Rs 10 lakh.
What things will be applied on TCS?
TCS provision for luxury (luxury) items was introduced as part of the budget presented in July 2024 through Finance Act, 2024. The responsibility of collecting TCS will be on the seller, which will be in connection with the notified objects such as wrist clock, art items such as paintings, sculptures and antiquities such as coins and tickets, boats, helicopters, luxury handbags, sunglasses, shoes, high -ranked sports, sports apparels and equipment, home theater system and horses for polo etc."text-align: justify;"> Nangia Anderson LLP tax partner Sandeep Jhunjhunwala said that this notification explains the government’s intention to increase the monitoring of high -proclaimed expenditure and strengthen the audit in the luxury goods segment. This reflects a comprehensive policy objective of expanding the base by notification and promoting most financial transparency.
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(tagstotranslate) luxury goods
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