WebJul 7, 2024 · Effective from 01 April 2024, the Government of India has widened the scope of its equalisation levy to include e-commerce sales of goods and services provided by non-resident operators to Indian customers. ... Income subject to EL will be tax exempt under other provisions of the Indian Income Tax Act from FY 2024-22. Compliance obligations. WebApr 21, 2024 · The Requirement of filling 15CB (along with 15CA part C) is only on payment on which tax is deducted under the Income Tax Act. In our view, equalisation levy has to be paid on remittance outside India if it relates to online advertisement and hence only form 15CA part D should be filled if the non-resident has no permanent establishment in India.
Taxing the digital economy: Indian Equalisation Levy 2.0
WebMar 4, 2024 · 18. Section 10(50) of the Income Tax Act, 1961 and its relevance here. As per section 10(50) of the Income tax act, income arising to a non-resident from supplying specified services on which equalisation levy under section 165 is levied shall be exempt for the purpose of calculating taxable income for the purpose of paying income tax. WebCharge of equalisation levy. 163. Collection and recovery of equalisation levy. 164. Furnishing of statement. 165. Processing of statement. 166. Rectification of mistake. ... Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act. 193. Scheme not to apply to certain persens. 194. Removal of doubts. 195. Power ... the maze maker michael ayrton
Equalisation Levy Complete Provisions for Your Easy
WebMar 24, 2024 · Income Tax. Extend last date for income tax returns for (FY 18-19) from 31 st March, 2024 to 30 th June, 2024. ... Black Money Act, STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas law where the time limit is expiring between 20 th March 2024 to 29 th June 2024 shall be extended to 30th June 2024. ... WebApr 8, 2024 · The Akhilesh Ranjan Committee observed in its report that withholding tax is different from Equalisation levy because of Withholding tax is a tax on income, while Equalisation levy is a tax on the consideration paid. Scope of equalization levy: Equalisation levy was covered under chapter VII of the Finance Act, 2016. WebJun 23, 2024 · As per the stance taken by the ‘ Committee on Taxation of E-Commerce ’ constituted by the CBDT, equalisation levy is not a tax on income. It is a tax on the gross amount of transactions under the head digital services. For the same reason, it is not part of the present Income Tax Act, 1961 and has been passed via the Finance Act, 2024. tiffany grimes maui