It provides a solid foundation for a knowledge base on taxation, covering both theoretical and practical elements.
It was introduced under chapter VIII of Finance Act, 2016. This chapter came in to force from 1st June, 2016. The scope of EL has been enhanced by Finance Act, 2020. Section 163. [Extent, Commencement and Application] (1) This Chapter extends to the whole of India except the State of Jammu and Kashmir. (2) […]
Equalisation Levy (EL) Act, 2016 Read More »
S.O. 1905(E) – In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 179 of the Finance Act, 2016 (28 of 2016), the Central Government hereby makes the following rules for carrying out the provisions of Chapter VIII of the said Act relating to Equalisation levy, namely:- Rule 1. Short title
Equalisation Levy (EL) Rules, 2016 Read More »
S.O. 614(E).-In exercise of the powers conferred by sub-section (2) of section 168 of Finance Act, 2016 (28 of 2016), the Central Board of Direct Taxes hereby makes the following scheme for processing of statement furnished under section 167 of the Act, namely:- 1. Short title and commencement.– (1) This Scheme may be called
Equalisation Levy (EL) Statement Scheme,2023 Read More »
1. What is equalization levy (EL)? This is a tax leviable on consideration received or receivable by a non-resident for any specified service such as online advertising, any provision for digital advertising space or any other facility or service for online advertising @ 6% from: i) A person resident in India and carrying on business
Equalisation Levy (EL) Booklet Read More »
The Finance (No. 2) Bill, 2024, has introduced several significant amendments to the capital gains tax regime in India. These changes aim to simplify and rationalize the taxation process, addressing holding periods, tax rates, and various asset treatments. This article provides an in-depth analysis of the proposed changes and their implications for taxpayers. Key Changes in
Changes Brought About in Capital Gains in the Finance (No.2) Bill, 2024 Read More »
Understanding the intricacies of advance tax and self-assessment tax is crucial for both compliance and strategic financial planning. These components are pivotal in the Indian income tax system, ensuring the government receives tax revenues periodically throughout the financial year rather than at the end. This article will provide a comprehensive guide on advance tax and
Understanding Advance Tax and Self-Assessment Tax in India Read More »
Section 234C of the Income Tax Act, 1961, pertains to the levy of interest for deferment of advance tax. This section is crucial for tax professionals to understand as it impacts the computation of interest liabilities for assessee who fail to pay advance tax instalments within the stipulated deadlines. This article provides an in-depth analysis of Section
Detailed Analysis of Section 234C of the Income Tax Act. Read More »
Employee Stock Option Plans (ESOPs) are popular mechanisms through which companies attract, retain, and incentivize employees. However, the taxation of ESOPs can be complex, particularly in the Indian context where specific provisions under the Income Tax Act, 1961, govern their treatment. Legal Framework: Under Indian tax law, ESOPs are considered as perquisites (additional benefits)
Comprehensive Analysis on ESOP Taxation in India Read More »
Tax Audit Forms The Incomes prescribed two types of forms for tax audit: Audit Report: The audit report would be either as per the Form 3CA or Form 3CB. Form 3CA is for those persons whose accounts have been audited under any law other than the Income Tax laws. Form 3CB is for those persons whose accounts have not been audited under
FORM 3CD: Explanation & Applicability Read More »
The taxation of dividends in India has undergone significant changes over the years. This article aims to provide a comprehensive understanding of the historical context, the amendments that abolished the Dividend Distribution Tax (DDT), and the current system where dividends are taxed in the hands of recipients. Additionally, we will explore the deduction available under Section
