WebIndia's Finance Act 2024 (FA 2024) expanded the scope of the digital tax levy known as the Equalization Levy (EL) to cover "e-commerce supplies or services." EL covers a range of digital transactions including business-to-business (B2B) transactions, business-to-consumer (B2C) transactions, e-commerce marketplaces and digital services. WebMar 4, 2024 · 15. Section 10(50) of the Income Tax Act, 1961 and its relevance here. As per section 10(50) of the Income tax act, income arising to a non-resident e-commerce operator on which equalisation levy under section 165A is levied shall be exempt for the purpose of calculating taxable income for the purpose of paying income tax.
India
WebEqualisation Levy. Chapter VIII of the Finance Act, 2016, which came into effect from 1st June, 2016, had first introduced Equalisation Levy (EL). EL was not made part of the … WebJun 23, 2024 · As per the stance taken by the ‘ Committee on Taxation of E-Commerce ’ constituted by the CBDT, equalisation levy is not a tax on income. It is a tax on the gross amount of transactions under the head digital services. For the same reason, it is not part of the present Income Tax Act, 1961 and has been passed via the Finance Act, 2024. thibault remacle
Equalization Levy Rules, 2016
WebMoreover, the income of a non-resident who has suffered the equalisation levy is exempt from income tax under the IT Act. Thus, the object and purpose of the levy suggests that … WebMar 9, 2024 · Eliminating a Quantifiably Unjust Application of the Law Act of 2024 or the EQUAL Act of 2024. This bill eliminates the federal sentencing disparity between drug … WebMar 24, 2024 · Income Tax. Extend last date for income tax returns for (FY 18-19) from 31 st March, 2024 to 30 th June, 2024. ... Black Money Act, STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas law where the time limit is expiring between 20 th March 2024 to 29 th June 2024 shall be extended to 30th June 2024. ... sage redwood city phone number