Income Tax New Rules: If you buy these goods, you will have to deduct TCS and deposit it. If you are a buyer, then while buying these things, you will have to pay an additional 1% TCS.
According to the new notification issued on 22 April 2025, the Income Tax Department has issued a list of certain goods under section 206C (1F) on which TCS (Tax Collected at Source) will now be applicable. If a seller sells any of the following goods and receives an amount of more than ₹ 10 lakh in return. He will have to collect 1% TCS from the buyer.
Which items will come under this scope- Expensive wrist watches, old art pieces and paintings. Rare coins, stamps etc. (Collectibles), Luxury vehicles like yacht, canoe, helicopter, Designer sunglasses, handbags, purses etc. (Bags & purses), Luxury footwear, Sports kits – golf, ski-wear etc. Home theatre systems. This will be applicable on race club horses and polo horses.
Budget 2025 announcement now implemented- The central government had said in the Union Budget 2025 that CBDT will soon implement TCS on luxury items – now that announcement has been put into practice.
Why is it important for you- If you are a seller of these goods, then you will have to deduct TCS and deposit it. If you are a buyer, then while purchasing these things, an additional burden of 1% TCS will be levied on your pocket.
School Timings Changed in Jharkhand amid scorching heat, what time will they open now?
