Income Tax : Equalisation Levy, initially imposed on online advertisements and later extended to e-commerce transactions, ceases to apply from ...
Income Tax : The article analyses why India may continue its Equalisation Levy regime beyond August 2024 due to delays in the OECD/G20 Pillar O...
Income Tax : India introduced a 6% and later 2% digital tax to capture revenue from non-resident tech giants operating without a permanent esta...
Income Tax : A clear analysis of India’s 6% and 2% digital tax framework, its legal basis under the Finance Acts of 2016 and 2020, and its gl...
Income Tax : Explains how India introduced the Equalisation Levy to tax foreign digital companies without physical presence. Highlights its imp...
Income Tax : Key changes to Equalisation Levy from August 2024: the 2% tax on e-commerce transactions will be removed. Learn about the new prov...
Finance : Learn about the extension of India-USA agreement on Equalisation Levy 2020 until June 30, 2024, amidst OECD/G20 negotiations on di...
Income Tax : On October 8, 2021, India and United States joined 134 other members of the OECD/G20 Inclusive Framework (including Austria, Franc...
Income Tax : The Government has not held any consultation regarding taxation of digital businesses as such. However, to address the challenges ...
Income Tax : The Government has introduced equalization levy of 6 per cent on online advertisers. The Finance Act, 2016 had inserted a separate...
Income Tax : The Madras High Court held that reimbursements made to a foreign subsidiary for online advertising expenses were not included with...
Income Tax : ITAT Jaipur held that equalization levy not applicable as role of the assessee is merely conduit between the entity carrying out t...
Income Tax : Addl. CIT Vs Lenskart Solution (P) Ltd. (ITAT Delhi) It was claimed by the Assessee that as the Assessee had made the payment to F...
Income Tax : The issue under consideration is whether the equalisation levy will be applicable in case of Mastercard Asia or not?...
Income Tax : Centralised Processing of Equalisation Levy Statement Scheme, 2023 shall be applicable in respect of processing of Equalisation Le...
Income Tax : CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961 On consideration of difficulties repo...
Income Tax : Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlie...
Income Tax : Payment of Equalisation levy. ─ The assessee or e-commerce operator, as the case may be, who are required to deduct and pay equa...
Income Tax : Principal Chief Commissioner of Income-tax (International Taxation), Delhi, in supersession of this office order no. 1/2020 dated ...
Addl. CIT Vs Lenskart Solution (P) Ltd. (ITAT Delhi) It was claimed by the Assessee that as the Assessee had made the payment to Facebook Ireland Inc. (FII), which admittedly did not have any permanent establishment (PE) in India and, therefore, the payments made to it for advertisement services were not chargeable to tax in […]
The scope of the Equalization levy was expanded by the Government of India in the Finance Act, 2020 in order to include the supply of goods and/or services given by an e-commerce operator. The Equalization levy is levied at the rate of 2% on any amount received or receivable by an E-commerce operator from an e-commerce supply of service made or provided
It is not a secret anymore that the ever increasing digitalization of businesses has rendered the tax rules developed to serve the needs of the traditional business models, futile. The digital age has encouraged a phenomenal expansion of businesses, in multiple territories without establishing their physical presence in any country.
What is NFT? NFT means Non Fungible Token. Yes that’s it. Goodbye. Oh no it is more than that, first we will understand the meaning of Non Fungible. Well, it means something that cannot be exchanged for another item because of its uniqueness. For Example- If Mr. John has a unique monalisa art it means […]
On October 8, 2021, India and United States joined 134 other members of the OECD/G20 Inclusive Framework (including Austria, France, Italy, Spain, and the United Kingdom) in reaching agreement on the Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalization of the Economy.
Applicability of Equalisation Levy as per section 165: -Where service provider is a Non Resident. -Service Recipient is Resident in India and Carrying business or profession -Amount of Consideration exceeding Rs 1 Lakhs in a P.Y. -Services used in India for carrying out business or profession. Applicability as per Section 165A: Service provider/Seller of […]
CBDT vide circular No. 15/2021 dated 03.08.2021 Extended time lines for electronic filing of various Forms under the Income-tax Act, 1961 in view of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms and considering the non-availability of the utility for e-filing of certain Forms. Forms for which dates been […]
CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961 On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules, 1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further […]
Global Minimum Tax, Equlization Levy & Section 195, Section 9B & Section 45(4), New Judgements, Filing ITR & Tax Audit Report; Section 194Q & Section 206AB, New Registration of Trusts, Section 148 Notices & TDS/TCS Changes – vide Finance Act, 2021 Global Minimum Taxation 2 Pillar Approach – Pillar 1 Scope – 1. Multinational enterprises […]
Due Date for furnishing Statement under ‘Equalisation Levy’ (EL) for FY 2020-21 is 30.06.2021 || Compilation of Complete Provisions For Your Easy Understanding A. Brief Background The Organisation for Economic Co-operation and Development (OECD) through the Base Erosion and Profit Shifting (BEPS) project under Action Plan 1 recommended a final withholding tax on certain payments […]
