Independent manufacturing undertaking eligibility preserves Section 80IA/80IB deductions, while machinery kept ready for use qualifies for depreciatio...
Assessing Officer Satisfaction Requirement Bars Penalty for Cash Receipt in Immovable-Property Sale Cases Where Initiation Lacks Recorded Satisfaction...
Self-assessed import entries remain appealable, while bona fide classification disputes without misdeclaration cannot justify confiscation or penaltie...
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The GoI notification mandates tax collection at source (TCS) for specific high-value goods exceeding ten lakh rupees, including luxury and collectible items such as wrist watches, art pieces, sunglasses, boats, sportswear, home theatre systems, and horses for racing. The notification, issued under section 206C of the Income-tax Act, requires sellers to collect tax at the time of sale for ten enumerated categories of goods. The directive will become effective upon publication in the Official Gazette, imposing new tax collection obligations on sellers of these specified luxury and specialized items.
The GoI notification mandates tax collection at source (TCS) for specific high-value goods exceeding ten lakh rupees, including luxury and collectible items such as wrist watches, art pieces, sunglasses, boats, sportswear, home theatre systems, and horses for racing. The notification, issued under section 206C of the Income-tax Act, requires sellers to collect tax at the time of sale for ten enumerated categories of goods. The directive will become effective upon publication in the Official Gazette, imposing new tax collection obligations on sellers of these specified luxury and specialized items.
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