TCS Applicable on High-Value Goods Under Section 206C

TCS Applicable on High-Value Goods Under Section 206C

The Central Government, under section 206C(1F)(ii) of the Income-tax Act, 1961, has notified that Tax Collected at Source (TCS) will apply to the sale of the following goods if their value exceeds ₹10 lakh:

1. Wrist watches
2. Art pieces (e.g., antiques, paintings, sculptures)
3. Collectibles (e.g., coins, stamps)
4. Yachts, rowing boats, canoes, helicopters
5. Sunglasses
6. Bags (e.g., handbags, purses)
7. Shoes
8. Sportswear and equipment (e.g., golf kits, ski-wear)
9. Home theatre systems
10. Horses used in racing or polo

This notification shall come into force on the date of its publication in the Official Gazette.

Notification

Also Read:

1. Recommendations of the 55th Meeting of the GST Council
2. Changes in GST and Income Tax during the Financial Year 2024-25
3. TDS and TCS provisions applicable from April 1, 2025
4. Rationalizing TDS: A Deep Dive into Budget 2025’s Proposals

Go To Memorandum

Go To Finance Bill 2025

Read More on Union Budget 2025

CA Cult YouTube: 
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2. Calculation of Income Tax FY 2024-25 | Old vs New Regime | For Salaried Employees

Also Read: New Income-tax Bill 2025 Navigator