Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
New TCS Rules on Luxury Goods: Section 206C Amendments w.e.f 1st January 2025
Update / Judgement Date
26 Jul 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
Corporate ComplianceIncome Tax
Effective January 1, 2025, amendments to Section 206C(1F) of the Income Tax Act will mandate a 1% Tax Collected at Source (TCS) on the sale of luxury goods exceeding ₹10 lakh. This change aims to track high-value expenditures and expand the tax base. The current provision already applies to motor vehicles priced above ₹10 lakh, and the new rule will extend TCS to other notified luxury items.
