TCS to be collected on 10 new items notified: CBDT has notified certain specified goods on which Tax Collection at Source (TCS) shall be applicable. It shall apply where the value of goods exceeds Rs 10 Lakh per transaction. The rate of TCS is 1%. The obligation to collect TCS is on the seller of the specified goods. The newly notified Goods are 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, and 10. Horses for horse racing and polo. (Income Tax Notification 36/2025 Dated 22/04/2025)