Today, in exercise of the powers conferred by clause (ii) of sub-section (1F) of section 206C of the Income-tax Act, 1961 (43 of 1961), the Central Government has notified the following goods of the value exceeding ten lakh rupees for collection of tax at source.

Accordingly, TCS Return Form No. 27EQ was amended to incorporate that change.

Below given entries have been added in the TCS Return Form No. 27EQ:

Section 206C(1F) of the Income Tax Act earlier explicitly addresses TCS on the sale of motor vehicles. but now it has total 11 items including below given 10 added today.

1. any wrist watch
2. any art piece such as antiques, painting, sculpture
3. any collectibles such as coin, stamp
4. any yacht, rowing boat, canoe, helicopter
5. any pair of sunglasses
6. any bag such as handbag, purse
7. any pair of shoes
8. any sportswear and equipment such as golf kit, ski-wear
9. any home theatre system
10. any horse for horse racing in race clubs and horse for polo