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Home Acts & Rules Bill Bills FINANCE BILL, 2016 Chapter = EQUALISATION LEVY Chapters List This

EQUALISATION LEVY - FINANCE BILL, 2016

EQUALISATION LEVY
Clause 160 : Extent, commencement and application

       Chapter VIII of the Bill seeks to insert a new Chapter in the Finance Bill, 2016 which deals with equalisation levy, collecti....
Clause 161 : Definitions

       Clause 161 of the Bill seeks to define certain terms and expressions used in this Chapter. Sub-clause (1) of clause 161of ....
Clause 162 : Charge of equalisation levy

       Clause 162 of Bill provides for charge of equalisation levy at the rate of six per cent. of the amount of consideration for a....
Clause 163 : Collection and recovery of equalisation levy

       Clause 163 of the Bill provides for collection and recovery of equalisation levy by a person, being a resident and carrying o....
Clause 164 : Furnishing of statement

       Clause 164 of the Bill provides for furnishing of statement by the assessee responsible for deduction of equalisation levy , ....
Clause 165 : Processing of statement

       Clause 165 of the Bill contains provisions relating to processing of the value of specified services and equalisation levy pa....
Clause 166 : Rectification of mistake

       Clause 166 of the Bill provides for rectification of mistakes apparent from the record of any order passed by the Assessing O....
Clause 167 : Interest on delayed payment of equalisation levy

       Clause 167 of the Bill provides for payment of simple interest at the rate of one per cent. for every month or part of a mont....
Clause 168 : Penalty for failure to deduct or pay equalisation levy

       Clause 168 of the Bill provides for imposition of penalty on the assessee responsible to deduct equalisation levy. The penalt....
Clause 169 : Penalty for failure to furnish statement

       Clause 169 of the Bill provides for penalty for failure to furnish statement under section 164. The penalty in such cases wil....
Clause 170 : Penalty not to be imposed in certain cases

       Clause 170 of the Bill provides that no penalty will be imposable under clause or clause, if the assessee proves that there w....
Clause 171 : Appeal to Commissioner of Income-tax (Appeals)

       Clause 171 of the Bill provides for an appeal to the Commissioner of Income-tax (Appeals) when the assessee denies has liabil....
Clause 172 : Appeal to Appellate Tribunal

       Clause 172 of the Bill provides for appeal to the Appellate Tribunal against order passed by Commissioner of Income-tax (Appe....
Clause 173 : Punishment for false statement

       Clause 173 of the Bill provides for punishment, by way of imprisonment up to a period of three years and with fine, for makin....
Clause 174 : Institution of prosecution

       Clause 174 of the Bill provides that no prosecution shall be instituted for any offence under clause 173 except with the prio....
Clause 175 : Application of certain provisions of Income-tax Act

       Clause 175 of the Bill provides that sections 120, 131, 133A,138, 156, Chapter XV and sections 220 to 227, 229, 232, 260A, 26....
Clause 176 : Power to make rules

       Clause 176 of the Bill confers power on the Central Government to make rules for the purposes of carrying out the provisions ....
Clause 177 : Power to remove difficulties

       Clause 177 of the Bill confers power on the Central Government to issue orders for removal of any difficulty arising in givin....
 
 
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