DT - Equalisation Levy

Question 1

Case I

Answer 1

Equalisation Levy on specified services

Question 2

Case II

Answer 2

Equalisation Levy on E-Commerce Operator

Question 3

Rates of Equalisation Levy

Answer 3

Case I - 6% of Amt of consideration payable by person taking services by deducting from payment to NR
Case II - 2% on amt of consideration received or receivable by E commerce operator payable by e com operator

Question 4

Due Dates of payment to government

Answer 4

Case I - 7th of the next month
Case II - Payment Quarterly
Apr - Jun - 7th July
Jul - Sep - 7th Oct
Oct - Dec - 7th Jan
Jan - Mar - 31st Mar

Question 5

Interest on Delayed Payment

Answer 5

1% per month or part of the month after due date till date of payment

Question 6

Penalty

Answer 6

Case I - For non deduction = Equalisation levy (in addition to same)
For Non payment upto Due date = 1000 per day but max upto eq levy not paid

Case II - Non payment upto Due date = Equalisation levy (in addition to same)

Question 7

Statement of Equalisation Levy

Answer 7

Furnished by Person receiving specified services
Form No 1
on or before 30th June immediately following FY

Failure to furnish penalty of Rs 100 per day

Question 8

Limits for levy of Equalisation Levy

Answer 8

Case I - 10000 in FY
Case II - 2 Cr in FY