https://www.taxtmi.com/highlights?id=87732 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. en-us Thu, 24 Apr 2025 11:09:37 +0530 Thu, 24 Apr 2025 11:09:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=87732 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. Highlights Income Tax Thu, 24 Apr 2025 11:09:37 +0530 https://www.taxtmi.com/highlights?id=87732