Luxury goods costing above ₹10 lakh will now attract 1% Tax Collected at Source

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From watches to antiques, these luxury goods above Rs 10 lakh face 1% TCS

The Central Board of Direct Taxes (CBDT) has issued fresh guidelines to enforce the levy, which aims to plug tax leaks and boost visibility on big-ticket purchases.

Luxury goods costing above ₹10 lakh will now attract 1% Tax Collected at Source

Luxury goods priced above ₹10 lakh now subject to 1% TCS, enhancing tax monitoring and financial transparency.

From watches to handbags, and paintings: Income Tax dept notifies luxury items on which taxpayers will have to pay 1% TCS

The move is expected to help the tax authorities to trace the sale of such luxury goods and match it with the income tax profile of taxpayers to detect any possible evasion.

New Tax Rules: Big news for taxpayers, now you will have to pay tax on these items, notification issued

New Tax Rules: Currently, TCS is being levied at the rate of one percent on motor vehicles priced above Rs 10 lakh from January 1, 2025. There is useful news for taxpayers. Now you will have to pay 1% TCS (tax collected at source) on the purchase of luxury items like handbags, wristwatches, shoes, high-end sportswear and art objects worth more than Rs 10 lakh. Currently, TCS is being levied at the rate of one percent on motor vehicles worth more…

Income-tax (Eleventh Amendment) Rules, 2025: TCS on sale goods of the value exceeding ten lakh rupees: Notification

The following article Income-tax (Eleventh Amendment) Rules, 2025: TCS on sale goods of the value exceeding ten lakh rupees: Notification first appeared on Central Govt Employees News - 8th Pay Commission - Staff News. Income-tax (Eleventh Amendment) Rules, 2025: TCS on sale Wrist Watch, Painting, antiques, sculpture, coin, stamp, yacht, rowing boat, canoe, helicopter, sunglasses, handbag, purse, shoes, golf kit, ski-wear, home theatre system, h…