Thinking of splurging on that luxury handbag, premium wristwatch, or designer sunglasses? If your total purchase exceeds ₹10 lakh, get ready to pay an additional 1% Tax Collected at Source (TCS) at the time of sale.
🔍 This move is part of the government’s effort to increase financial transparency and ensure high-value transactions are reported. The seller collects this TCS and deposits it with the Income Tax Department, and it reflects in your Form 26AS — which you can claim as credit while filing your ITR.
📌 Key Takeaway: High-end spending now carries a tax implication beyond GST — so factor that in when budgeting for your next luxury purchase.
💡 Tip for buyers: Keep your PAN details updated and track your Form 26AS regularly to ensure all high-value transactions are properly reported.
🔗 Read the full article: NDTV Article
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