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EQUALISATION LEVY

Budget - By: - Mr. M. GOVINDARAJAN - Dated:- 8-3-2016 Last Replied Date:- 11-5-2016 - Chapter VIII of Finance Bill, 2016 ( Bill for short) seeks to insert a new Chapter in the Finance Bill 2016 which deals with equalization levy, collection and recovery of such levy. Clause 160 of the Bill provides that Chapter VIII applies to all over India except Jammu & Kashmir and will be effective from the date as the Central Government may, by Notification in the Official Gazette, appoint. Equalization .....

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ices pertaining to cross border digital transactions to give effect to the Base Erosion and Profit Shifting (BEPS) project of the OECD. As per the BEPS action plan, OECD has recommended to impose a final withholding tax on certain payments for digital goods or services provided by a foreign e-commerce provider for imposition of a equalization fee on consideration for certain digital transactions. Clause 161 (d) defines the term equalization levy as the tax leviable on consideration received and .....

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consideration of any specified service received or receivable by a person, being a non resident from- A person resident in India and carrying on business or profession; or A nonresident having a permanent establishment in India. Non applicability Clause 162 (2) provides that the equalization levy shall not be charged where- The nonresident providing the specified service has a permanent establishment in India and the specified service is effectively connected with such permanent establishment; T .....

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163 provides for collection and recovery of equalization levy. Clause 163 (1) provides that every person- being a resident and carrying on business or profession ; or a non resident having a permanent establishment in India shall deduct the equalization levy from the amount paid or payable to a non resident in respect of the specified service at 6%, if the aggregate amount of consideration in a previous year exceeds ₹ 1 lakh. The equalization levy made during any calendar month shall be pa .....

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fficer or to any other authority or agency authorized by the Board in this behalf. The Statement shall be in the prescribed form and verified in such manner and setting forth the particulars as may be prescribed of all specified services during such financial year. Clause 164 (2) provides that an assessee who has not furnished the statement within the time prescribed or having furnished a statement notices any omission or wrong particular therein, may furnish a statement or a revised statement a .....

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des the procedure for processing the statement. The procedure is dealt with as follows: the equalization levy shall be computed after making the adjustment for any arithmetical error in the statement; the interest, if any shall be computed on the basis of sum deductible as computed in the statement; the sum payable by, or the amount of refund due to, the assessee shall be determined after adjustment of the amount computed against any amount paid by way of tax or interest; an intimation shall be .....

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an amendment to any intimation either suo motu or on any mistake brought to his notice by the assessee. If the amendment has the effect of increasing the liability of the assessee or reducing a refund, it shall not be made unless the Assessing Officer has given a notice to the assessee of his intention so to do and has given the assessee a reasonable opportunity of being heard. The Assessing Officer shall make an order specifying the sum payable by the assessee. Interest Clause 167 provides for .....

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iable to pay, in addition to the levy or interest, a penalty equal to amount of equalization levy that he failed to deduct. Any assessee who having deducted the equalization levy fails to pay such levy to the credit of the Central Government then he shall be liable to pay, in addition to the levy or interest, a penalty of ₹ 1000/- for every day during which the failure continues, so, however, that the penalty shall not exceed the amount of equalization levy that he failed to pay. Clause 16 .....

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g heard. Appeal to Commissioner (Appeals) Clause 171 provides for filing appeal before the Commissioner of Income Tax (Appeals) by the aggrieved assessee by an order imposing penalty within a period of 30 days from the date of receipt of order of the Assessing Officer. The appeal shall be in such form and verified in such manner as may be prescribed and shall be accompanied by a fee of ₹ 1000/-. The provisions of Sections 249 to 251 of the Income Tax Act shall apply to such appeal. Section .....

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The appeal shall be filed within 60 days from the date of receipt of the order. The appeal shall be in such form and verified in such manner and accompanying with a fee of ₹ 1000/-. Sections 253 to 255 of the Income Tax Act shall apply to such appeal. Section 253 deals with the appeals to the Appellate Tribunal. Section 254 deals with the orders of the Appellate Tribunal and Section 255 deals with the procedure of the Appellate Tribunal. Prosecution Clause 173 of the Bill provides for lau .....

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dure. No prosecution shall be instituted against any person except with the previous sanction of Chief Commissioner of Income Tax. Application of certain provisions of Income Tax Act Clause 174 of the Bill provides that the provisions of the following sections of the Income Tax Act shall so far as may be apply in relation to equalization levy, as they apply in relation to income tax: Section 120 - Jurisdiction of Income Tax Authorities; Section 131 - Power regarding discovery and production of d .....

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on 225 - Stay of proceedings in pursuance of certificate and amendment or cancellation thereof; Section 226 - Other modes of recovery; Section 227 - Recovery through State Government; Section 229 - Recovery of penalty, fine, interest and other sums; Section 232 - Recovery by suit and not other law affected; Section 260A - Appeal to High Court; Section 261 - Appeal to Supreme Court; Section 262 - Hearing before Supreme Court; Section 265 - Tax to be paid notwithstanding reference etc., Section 26 .....

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