Have you declared this income in your return? The introduction of 1% TCS on luxury goods — effective April 22, 2025 — is, therefore, both a compliance measure and a tool for advance cash collection.

Like many online banks, Varo offers minimal fees, a high-yield savings account, and cash advances of up to $500. However, a flat fee for cash advances ranges from $1.60 to $40, depending on the loan ...