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A collection of the brief insights throughout [Month yr] of the type provided on an ad hoc basis in our Latest digital tax byte update.

12 November 2020

India has released some amendments and clarifications on the expanded equalization levy (EL). A few key takeaways:

  • A return is required to be furnished electronically in Form No. 1 (verified through either a digital signature or an electronic verification code by an authorised signatory) on or before 30 June immediately following that financial year. The Tax Officer has been empowered to issue notice for furnishing such statement to the Indian payor or a non-resident e-commerce operator (NR ECO), which then has to be furnished within 30 days from the date of serving of such notice, where the same is not filed within the prescribed timeline.
  • A refund option (by filing of an annual statement) is available to taxpayers in case excess EL is paid while depositing quarterly installments;
  • The PAN (Indian tax identification number) obtained by taxpayers is sufficient for the purpose of EL as well (no separate registration is needed); and
  • The time limit, filing fee, form and other modalities relating to filing an appeal before the First and the Second Appellate Authority against the penalty order by the tax officer have been provided.

For the most up-to-date information, see the Latest digital tax byte.

For more information please contact Aamer Rafiq, Phil Greenfield, Giorgia Maffini, Mo Jamei or Charlotte Richardson.