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Income Tax: Section 206C(1F) of the Income Tax Act is proposed to be amended to levy Tax Collection at Source (TCS) on sale of any other goods exceeding Rs. 10 lakh, in addition to motor vehicles, as may be notified by the Central Government. The amendment aims to widen the tax base and track expenses on luxury goods by high net worth individuals. The notified goods would be in the nature of luxury goods. The amendment will take effect from January 1, 2025.
Income Tax: Section 206C(1F) of the Income Tax Act is proposed to be amended to levy Tax Collection at Source (TCS) on sale of any other goods exceeding Rs. 10 lakh, in addition to motor vehicles, as may be notified by the Central Government. The amendment aims to widen the tax base and track expenses on luxury goods by high net worth individuals. The notified goods would be in the nature of luxury goods. The amendment will take effect from January 1, 2025.
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TaxTMI 
TaxTMI 
