tcs on luxury goods

Luxury goods exceeding Rs 10 lakh, including handbags, watches, art, and yachts, will now incur a 1% tax collected at source (TCS), effective from April 22. This measure, introduced in the Finance Act 2024, aims to enhance the income tax department's ability to track high-value purchases by mandating PAN details.

Dealers of hi-end and luxury cars in the Diamond City have come under the scanner of Surat's tax collected at source (TDS) section of income tax (I-T) department.

The income tax department has been levying 1% TCS on cash purchase of bullion in excess of Rs 2 lakh and jewellery in excess of Rs 5 lakh since July 1, 2012. The position is maintained and there is no change in the position, the officials said.

New Delhi, May 31 () Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS) from tomorrow.

New Delhi, Jun 8 () One per cent tax collection at source (TCS) will not be levied on sale of motor vehicles of over Rs 10 lakh to government departments, distributors and dealers, the Income Tax department said today.

Owning a Harley Davidson or a Prada may add the necessary bling to your lifestyle, but owning Tata Consultancy Services (TCS) shares will add the necessary zing to your bank account.

India's Tax Collected at Source (TCS) has evolved from an anti-evasion measure to a real-time monitoring tool, now impacting everyday taxpayers. Recent changes aim to ease cash flow for salaried individuals by allowing TCS adjustment against monthly deductions, while others await refunds or adjust against advance tax.

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Although the government did not disclose the March collection numbers, sources said that the overall number was the highest-ever monthly receipt. In a statement, the finance ministry said that collections between August 2017 and March 2018 were estimated at Rs 7.2 lakh crore

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Indian brands are achieving global recognition, with banker Sarthak Ahuja highlighting six prominent names. Jaquar leads in bathroom fittings across over 55 countries, followed by TCS in 55, Aditya Birla Group in 36, Tata Motors in 26, Zomato in 24, and Bharti Airtel in 20 nations, showcasing India's expanding international business influence.