Tag Archives: Equalization Levy

Disallowance for non-payment of equalization levy- Section 40(a)(ib)

Disallowance in respect of non-payment of equalization levy [Section 40(a)(ib)] Key Points about Disallowance for non-payment of equalization levy- Section 40(a)(ib) Chapter VIII of the Finance Act, 2016 provides for deduction of equalization levy for certain specified services. Read Equalisation levy Salient Features The section applies to all assessees, whether corporate or non-corporate and whether resident… Read More »

Equalization Levy : Committee brings clarity

Equalization Levy   [ Extract from PROPOSAL FOR EQUALIZATION LEVY ON SPECIFIED TRANSACTIONS (Report of the Committee on Taxation of E-Commerce formed by the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, Government of India ) February, 2016 ] Q Why Equalization Levy is being imposed ? Equalization Levy is intended to be a tax imposed… Read More »