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Notes on clauses-Equalisation Levy

Notes-09 - Bill - Notes on clauses - Bill - Notes-09 - Equalisation Levy Chapter VIII of the Bill seeks to insert a new Chapter in the Finance Bill, 2016 which deals with equalisation levy, collection and recovery of such levy. Clause 160 of the Bill provides that the said chapter shall come into force on such date as Central Government may, by notification in the Official Gazette, appoint. Clause 161 of the Bill seeks to define certain terms and expressions used in this Chapter. Sub-clause (1) .....

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uch specified services are effectively connected to this permanent establishment. It is further provided to exclude the consideration for specified services out of the scope of equalisation levy if such consideration is not for the purpose of carrying out business or profession. It is also provided that no such levy shall be made if the aggregate amount of consideration for specified services received or receivable by a non-resident from a person resident in India or from a non-resident having a .....

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a permanent establishment in India (assessee) by way of deduction from the amount paid or payable to the non-resident in respect of specified services. The amount of equalisation levy so deducted by the payer has to be paid to the credit of the Government by 7th day of the month following the month in which the equalisation levy is collected. Clause 164 of the Bill provides for furnishing of statement by the assessee responsible for deduction of equalisation levy , of a statement in the prescrib .....

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al year. Clause 166 of the Bill provides for rectification of mistakes apparent from the record of any order passed by the Assessing Officer within one year from the end of the financial year in which the order sought to be amended was passed. The Assessing Officer may rectify mistakes either suo motu or at the instance of the assessee. Further, any amendment which has the effect of enhancing the liability or reducing a refund of the assessee shall be made only after giving the assessee a reason .....

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n a case where the assessee fails to deduct the whole or any part of equalisation levy. In other cases, such penalty imposed will be one thousand rupees for every such failure. However, the penalty imposable under this clause shall not exceed the amount of equalisation levy that was to be paid. Clause 169 of the Bill provides for penalty for failure to furnish statement under section 164. The penalty in such cases will be one hundred rupees for every day during which the failure continues. Claus .....

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or filing appeal, etc., and provides that provisions of section 249 to 251 of the Income-tax Act, shall as far as maybe, apply to such appeals. Clause 172 of the Bill provides for appeal to the Appellate Tribunal against order passed by Commissioner of Income-tax (Appeals) under clause. This clause contains provisions relating to time and procedure for filing appeal before the Appellate Tribunal. This clause also provides that where an appeal has been filed under this clause, the provisions of s .....

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