The Government of India with a view to addressing the challenges posed by the digital economy and ensuring that multinational enterprises pay their fair share of taxes in India introduced a levy called "Equalization Levy" vide Finance Act, 2016. The services falling within the purview of "Equalization Levy" has got radically amended over a period. Adv Sherry Samuel Oommen: This article is authored by Adv Sherry Samuel Oommen. Adv Oommen, who specializes in constitution, tax and corporate laws has also cleared the final exams of the Institute of Chartered Accountants of India, the Institute of Cost Accountants of India and the Institute of Company Secretaries of India. He has also completed his Masters Degree in Commerce, apart from obtaining a Post Graduate Diploma in Business and Corporate Laws from Symbiosis Pune. The views expressly are personal and should not be construed as a legal opinion.sherryoommen@nashcp.com.
The Government of India with a view to addressing the challenges posed by the digital economy and ensuring that multinational enterprises pay their fair share of taxes in India introduced a levy called “Equalization Levy” vide Finance Act, 2016. The services falling within the purview of “Equalization Levy” has got radically amended over a period.
With a view to avoid a possible double taxation, the Government introduced a provision namely Section 10(50) to the Income-tax Act, 1961 (“the Act”) which provides for an exemption in respect of incomes which are subjected to Equalization Levy. To add to the confusion, an explanation was inserted to Section 10(50) vide Finance Act, 2021 which essentially stated as follows:
Denne historien er fra February - March 2024-utgaven av UNIQUE TIMES.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra February - March 2024-utgaven av UNIQUE TIMES.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Sri Lanka: The Fantabulous Emerald Island
With its sunkissed beaches, tropical forests, rolling mist-capped hills, magnificent monuments and tantalising cuisine, Sri Lanka has everything to woo visitors
The Beauty Secret in Your Pantry: Rice Water
In the quest for flawless skin and luscious hair, people often turn to exotic, expensive products, not realising that some of the most potent beauty secrets are hidden in their kitchen pantry.
Unleash Your Strength With the Transformative Power of Squats
Imagine a single exercise that can redefine your fitness journey, transform your strength, balance, and overall well-being. Welcome to the world of squats, a fundamental move that packs a punch far beyond its simplicity.
Analyse, Evaluate and Reskill Yourselves!
Knowing your purpose and having clearly set goals will help you have conviction, discernment and focus. Finding your 'why' always helps you find the meaning of what you do, and your life in general.
Virility and its Physical, Emotional and Lifestyle Connections
Regular physical activity, a balanced diet, and maintaining a healthy weight are essential for reducing the risk of ED and related conditions. Men who make healthier lifestyle changes often experience better sexual health and overall well-being.
Union Budget 2024 - A Brief Review Of Some Of The Key Direct Tax Proposals - Part II
The Finance Bill proposed that the long-term capital gains on the ransfer of unlisted securities or shares of a closely held company by non-residents (without payment of STT) on or after July 23, 2024, would increase from 10 percent to 12.5 percent.
Neck pain on the rise among youngsters
The human body is designed to maintain an erect posture. Sleep on your back on a firm mattress and use a small pillow or a cervical pillow. Never sleep in a sitting position or any other compromised position especially when travelling.
Embodiment of Compassionate Leadership: Dr Leema Rose Martin
Leema’s leadership style is a unique blend of administrative skills and a humanitarian outlook. She is a visionary leader who understands that the success of a company is not just measured by its financial performance but also by its impact on society.
Understanding the Recent Surge in Climate Disasters: A Management Perspective
Building durability is not just about physical infrastructure but also about developing adaptive capacities among communities and businesses. Training programmes, public awareness campaigns, and the integration of climate education into curricula are crucial for empowering individuals and institutions to respond effectively to climate threats.
What I Make Out of This Year's Union Budget
It covers the whole gamut of economic planning and aims at making India a Viksit Bharat of citizens with higher disposable income and purchasing power by 2047