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# section206c1f

1 posts in `section206c1f` tag

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Income tax

India's New 1% TCS Rule: What Buyers & Sellers of Luxury Goods Over 10 Lakh Must Know

This post details India's new 1% Tax Collected at Source (TCS) regulation, effective April 22, 2025, under Section 206C(1F). It applies to specific luxury goods (watches, art, yachts, etc.) when the sale value exceeds ₹10 lakh. The article explains the TCS mechanism, lists affected items, clarifies calculation, outlines buyer and seller responsibilities, differentiates it from Section 206C(1H), and highlights that the TCS paid is adjustable against the buyer's income tax liability.