Pay new income tax TCS of 1% on these luxury goods above Rs 10 lakh; CBDT issues notification

TCS on luxury goods: The income tax department has issued two notifications specifying the list of luxury goods on which tax will be collected at source (TCS) from the buyer. The TCS will be levied on the purchase of luxury goods. Know the new TCS rules on buying luxury goods like Omega watches, Birkin bags, etc.

from Tax-Wealth-Economic Times https://ift.tt/B3WF8bm