Business

Luxury items exceeding Rs 10 lakh to incur an additional 1% tax.

Published

11 months ago

April 24, 2025

The Income Tax Department has announced that a Tax Collected at Source (TCS) at a rate of 1% will be applied to the sale of specific luxury items priced over Rs 10 lakh, effective April 22, 2025. This new regulation will impact luxury goods, including handbags, wristwatches, footwear, and sports attire.

According to the new guidelines, sellers are required to deduct TDS on the sale of designated high-value items, such as wristwatches, art pieces (paintings, sculptures, antiques), collectibles (coins and stamps), yachts, helicopters, luxury handbags, sunglasses, high-end footwear, sportswear, home theater systems, and race or polo horses.

Significantly, the TCS provision for luxury goods was introduced through the Finance Act of 2024 as part of the Union Budget revealed last July. This initiative aims to enhance the audit trail within the luxury sector and aligns with the government’s overall objective of increasing financial transparency.
It is important to note that sellers are responsible for remitting the TCS collected against the buyer’s PAN. This tax will be recorded in the buyer’s Form 26AS, allowing them to claim it as a credit while filing their Income Tax Returns (ITR). The government has rolled out several key changes in the Union Budget aimed at streamlining TDS and TCS processes.

Business

Good News for Milk Producers in Chikkaballapur – 50 Paise Increase per Litre

Published

1 week ago

March 8, 2026

Namma Kudla

Chikkaballapur: The Chikkaballapur Milk Union (Chimul) has announced good news for milk producers in Chikkaballapur district. The union has decided to increase the milk procurement price by 50 paise per litre, which will benefit dairy farmers in the district.

Earlier, on January 1, Chimul had increased the price by Rs.1 per litre as a New Year benefit to farmers. Now, the union has announced an additional 50 paise increase.

With this latest revision, dairy farmers will receive Rs.36.40 per litre for milk. The 50 paise increase will remain in effect until the end of May.

Chimul President Manjunath Reddy told Public TV that the union will review its profits and may continue the price increase in the future based on financial performance.

The decision is expected to provide some relief and encouragement to dairy farmers in Chikkaballapur district.

Business

Key Rules for Transferring Inherited Property

Published

4 weeks ago

February 15, 2026

Namma Kudla

Business : After the death of parents, legal heirs are eligible to inherit their property. However, certain procedures must be followed before the transfer is completed in India.

Heirs must file the deceased person’s income tax return for the year of death and pay any pending taxes. There is no estate tax on inherited property in India, but any income earned from it, such as rent or interest, is taxable.

If the property is sold, capital gains tax will apply based on the difference between the original purchase price and the selling price. Clearing any outstanding loans linked to the property is also mandatory.

Important documents such as the will, succession certificate, death certificate, and property valuation report should be kept ready to ensure a smooth transfer process.

Business

Does Bank Open Or close on February 14 in India?

Published

1 month ago

February 13, 2026

Namma Kudla

New Delhi: Banks across India will remain closed on February 14 as it falls on the second Saturday of the month. The holiday is part of the official schedule released by the Reserve Bank of India, which requires banks to shut on the second and fourth Saturdays and all Sundays.

Customers are advised to finish important financial tasks early to avoid last-minute trouble. Every year, the RBI publishes a holiday calendar that lists national holidays, regional festivals, and other scheduled closures.

In February, banks in some states will also close for regional occasions such as the birth anniversary of Chhatrapati Shivaji Maharaj and Statehood Day in Mizoram and Arunachal Pradesh.

Even though bank branches will remain closed, digital services like ATMs, internet banking, and UPI will continue to work normally.