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Query on Recent TCS Applicability Amendment – Sale of High-Value Shoes
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....uery on Recent TCS Applicability Amendment – Sale of High-Value Shoes<br> Query (Issue) Started By: - Ramanathan Seshan Dated:- 25-4-2025 Last Reply Date:- 27-4-2025 Income Tax<br>Got 5 Replies<br>Income Tax<br>Dear Experts, Could someone please clarify the recent amendment regarding TCS applicability on the sale of shoes? Specifically, is TCS to be charged only if the value of a single pair of....
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.... shoes exceeds Rs.10 lakhs, or is it based on the total value per invoice? Regards, S Ram Reply By YAGAY andSUN: The Reply: Please share relevant Notification/Circulars/Laws to revert on abovementioned query. Reply By Ramanathan Seshan: The Reply: Dear Yagay and sun-sir, Please find the egazette published on 22 April 2025 https://egazette.gov.in/(S(zbtssh5l3nr0ng4avgkupzas))/SearchMinistry....
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.....aspx?id=239869 Notification No. 36/2025, New Delhi, the 22nd April, 2025 Regards, S ram Reply By Samarth Jayachandra: The Reply: Dear Sir, i believe based on the language in the notification, it is for a pair of shoes exceeding Rs. 10lakh and not the invoice value as the directive is towards luxury items. However, a CBDT clarification is required on this to avoid different interpretatio....
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....ns. Reply By YAGAY andSUN: The Reply: Thank you for sharing Notification No. 36/2025 dated 22nd April 2025, issued by the Ministry of Finance (CBDT) under Section 206C(1F)(ii) of the Income-tax Act, 1961. 🔍 Key Provision: The notification mandates Tax Collected at Source (TCS) on the sale of specified luxury/high-value goods where the value exceeds Rs.10 lakh. ✅ Specific t....
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....o Your Query: "Is TCS to be charged if the value of a single pair of shoes exceeds Rs.10 lakhs, or is it based on the total value per invoice?" 📌 Clarification Based on Notification: The notification uses the wording: "any pair of shoes of the value exceeding ten lakh rupees" This clearly indicates that: * The TCS applicability is on the value of each individual item, not the total ....
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....value of the invoice. * Therefore, TCS is required only if a single pair of shoes is sold for more than Rs.10,00,000. ✅ Example Scenarios: Scenario TCS Applicable? Reason 1 pair of shoes worth Rs.11,00,000 ✅ Yes Value of a single pair exceeds Rs.10 lakh 5 pairs of shoes worth Rs.2,00,000 each (Total: Rs.10 lakh) ❌ No None of the individual items exceed Rs.10 lakh 1 ....
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....pair of shoes worth Rs.9,90,000 + 1 bag worth Rs.11,00,000 ✅ Yes (on bag only) TCS applies only to items individually valued over Rs.10 lakh 🧾 Additional Notes: * The seller will need to collect TCS at 0.1% (likely rate unless changed) from the buyer at the time of sale, provided the value of each specified item exceeds Rs.10 lakh. * TCS should be deposited with the government....
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.... and reflected in the buyer's Form 26AS. Conclusion: TCS under Notification No. 36/2025 is applicable only when the value of a single item (e.g., a pair of shoes) exceeds Rs.10,00,000, not on cumulative invoice value. So, if each pair of shoes is below Rs.10 lakh, TCS is not applicable, regardless of total invoice value. Disclaimer - This revert is not an Legal Opinion. For further clarificatio....
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....n you may seek profession advice/ an Opinion from CA/Tax Consultant and or clarification from Income Tax Authorities. Reply By Ramanathan Seshan: The Reply: Dear Samarth-sir, Yagay sir Thank you for your valuable inputs. Regards, S Ram<br> Discussion Forum - Knowledge Sharing ....