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INTERNATIONAL TAX - Equalisation Levy - Budget 2016

Budget - By: - CS Swati Dodhi - Dated:- 1-3-2016 Last Replied Date:- 30-12-1899 - In order to address the challenges posed by the new digital economy and the rapidly evolving nature of its transactions, it is proposed to insert a new Chapter titled Equalisation Levy in the Finance Bill, to provide for an equalisation levy of 6% of the amount of consideration for specified services received or receivable by a non-resident not having a permanent establishment in India, from a resident in India who .....

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sing expenditure in India have risen on account of greater digitalization and increased use of the web as a most reliable advertising medium. To provide certainty and to avoid interpretational issues, it is also proposed to define certain terms and expressions used therein. Further it also proposes to provide for the procedure to be adopted for collection and recovery of equalisation levy. In order to provide for the administrative mechanism of the equalisation levy, it also proposes to provide .....

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aid before each House of Parliament. This levy would need to be collected by the person making the payment, much like withholding tax and paid similarly into the government s account on a monthly basis, provided the sum being paid to the non resident exceeds or is going to exceed ₹ 1,00,000 in the relevant financial year. Interest at 1% per month and penalties on non-deduction to the tune of the amount of levy have been proposed in the finance bill to keep people in charge of making such p .....

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