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of <h1>Union Budget 2024-25: Amend Section 206C(1F) to Apply 1% TCS on Luxury Goods Over Rs. 10 Lakh from Jan 2025.</h1> The Union Budget 2024-25 proposes an amendment to sub-section (1F) of section 206C of the Income Tax Act, which currently mandates a 1% tax collection at source (TCS) on the sale of motor vehicles exceeding ten lakh rupees. The amendment aims to expand this provision to include any luxury goods exceeding the same value, as notified by the Central Government, to better track high net worth individuals' expenditures and broaden the tax base. This change is set to take effect from January 1, 2025.
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