Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
CBDT Notification No. 36/2025 expands tax collection at source (TCS) provisions under section 206C(1F) of Income Tax Act, 1961, introducing TCS on luxury goods exceeding ten lakh rupees. The notification identifies ten categories of luxury items including wrist watches, art pieces, collectibles, watercraft, sunglasses, bags, shoes, sportswear, home theatre systems, and racing/polo horses. TCS will be levied on sale of individual items meeting the specified value threshold, effective from 22.04.2025. The amendment broadens the existing motor vehicle TCS provision to encompass a wider range of high-value luxury goods, aiming to capture additional tax revenue from premium consumer transactions.
CBDT Notification No. 36/2025 expands tax collection at source (TCS) provisions under section 206C(1F) of Income Tax Act, 1961, introducing TCS on luxury goods exceeding ten lakh rupees. The notification identifies ten categories of luxury items including wrist watches, art pieces, collectibles, watercraft, sunglasses, bags, shoes, sportswear, home theatre systems, and racing/polo horses. TCS will be levied on sale of individual items meeting the specified value threshold, effective from 22.04.2025. The amendment broadens the existing motor vehicle TCS provision to encompass a wider range of high-value luxury goods, aiming to capture additional tax revenue from premium consumer transactions.
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