Luxury Goods Tax in Income Tax | Sec 206C(1F) TCS on Luxury Goods
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- Опубліковано 12 вер 2024
- The existing provisions of section 206C of the Act provide, inter alia, for the
collection of tax at source on business of trading in alcoholic liquor, forest produce, scrap etc. Sub-section (1F) provides that every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent. of the sale consideration as income-tax.
2. It has been seen that there has been an increase in expenditure on luxury
goods by high net worth persons. For proper tracking of such expenses and in order to widen and deepen the tax net, it is proposed to amend sub-section (1F) of section 206C to also levy TCS on any other goods of value exceeding ten lakh rupees, as may be notified by the Central Government in this behalf. Such goods would be in the nature of luxury goods.
3. The amendment will take effect from the 1st day of January, 2025.
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This video will guide you in below topics
income tax update,tcs on sale of goods,income tax,tcs on sale,TCS on luxary goods,luxury goods on luxury goods,new luxury goods tcs,luxury goods tax,budget 2024 luxury goods tax
Health insurance Tax of 18 per cent should be removed.
Manna Padega, Content hamesha shaandar hota hai aapka . Good video Sir👌
सही 🙏
Health insurance jaisi luxury koi bhi nahi hai, uspe thoda aur tax lagado FM (Faltu minister)
GST is not decided by FM. It is decided by the GST council. She CAN'T remove the GST in her capacity as FM. थोडा पढ़ा भी करो।
@@atul58 Who represented the budget? FM
So she should be questioned
थोडी अकल भी इस्तेमाल करो
@@roam4565 किसी जानकार से पूछो। आपको नहीं समझ आयेगा।
@@atul58ji GST bilkul GALAT SYSTEM TAX hai theek tohh FM hi karega Officer tohh ulte raste hi chalate hai FM ko dekhna hota hai kahan dikkat hai kya dikkat hai Public tohh preshan nahi hai Material sale karke payment ke sath GST receive karke khaa jaane wala Registered Dealer doshi nahi Purchaser material purchase karke payment with tax pay karne ke baad doshi bolke tax demand usko bheji jati hai Department dwara Tension ka ghar
@roam4565 very true!
20000/- se jyada payment cash me nahi kar shakte to itne paise ka payment kaise hoga bina banking transaction ?
Health insurance pe tax 18% ko remove karna chahiye inko
Birth tax death tax breathing tax..walking on road tax..kissing tax...sex tax...yeh sab Kab ayega?..Jaldi Lao fm
I think this is a good step and in the right direction
they will buy from dubai now. no tcs haha
Every step of modi is good for you, modibhakt.
People living on 5kg ration must not comment
What is the logic of TCS, Tax Calculated at Source, when purchase is made using taxed money? Or am I getting it wrong?
Abhi hagne muthne ka tax hi baaki hai...wo bhi laga do FM mohtarma😊
If you buy anything valued above 2 lacs, the seller has to accept the amount only by non-cash method and also report PAN of the buyer. This government gets the information of such transactions. Why one more responsibility on the seller.
Very good video
Yehh Tai khaa jayegi BJP Govt. Ko Roz naya Tax Roz nayi problem
❤❤❤thanks for the very good advice ❤❤❤❤
It is adjustable with the income tax, so I don't care. Make it 20% TCS.
क्यों इतनी जलन हो रही है तुझे लोगों से? भीख मांग कर जी रहे हो क्या?
Time to leave the country 😂
Toilet seats of rs.10 to 15 lacs 6:59
haha
In UAE it is essential not luxury ;)
कुछ दिन रुको... मूतने पर भी टैक्स लगेगा... शौचालय मोदी ने बनाया है
Sir kitne ki hai aapki PC ?
Engineer adds up only to Liabilities due to unnecessary Research because the Rules should be
1- 10 Watts to 20 Watts should be the power consumption rules
2- Spares and Components shouldn't be Engineered and Wood and Paint is the Solution
Cash par shift kr denge ye sabko firsay.
No wonder why rich people are fleeing to tax heaven countries
Aur log kahte hai hni desh choor kar bhaag rahe hai nahi tax terrorism se jaan bacha rahe hai....
Ah, India is a tax hell
मैने 37500 में एसी खरीदा मुझसे कोई अमाउंट नहीं काटा गया।
Be to the point without dramatics.
they will buy from dubai now. no tcs haha
High end pc 10lac me bhai 3-4 lac me to ultra level ka pc build up ho jayega 3-4 lac me top level ka gaming laptop aata hai go build up me 1 lac kam leke chalo😂😂😂
2.5 lakh ka to gpu hi h 🙃
4 lakh ke pc m 4k 60 fps high bit rate m 1 ghante ki video m bhaut time lagta hai.
Humara last PC utne ka hi tha, btw i was not taking about personal pc.
@@FinTaxPro bhai avi RTX 4090 1.5 LAC ka chal raha hai aur RTX 5090 saal k last me launch hoga jo shyd RTX 4090 se 50% zada fast hoga tb to time v kam lagna chahiye
@@FinTaxPro 2026 me RTX 6090 launch hoga tb bas 10-15 min me hi kaam ho jayega 4k wala
@@shubhamer20004090 m bhi variant aate hai
150 percent tax laga deena chhahiye.. latakte rahoo
क्यों इतनी जलन हो रही है तुझे लोगों से? भीख मांग कर जी रहे हो क्या?
और सुन, 150 नही 1500000000000000% भी लग जाये , तेरे जेब में एक धेला नही आयगा। सब कुछ अदानी की जेब में जायगा।