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of <h1>Finance Bill 2016: Clause 161 Defines Equalisation Levy, Key Terms, and Exemptions for Specified Services.</h1> Clause 161 of the Finance Bill, 2016, outlines definitions and provisions related to the equalisation levy. It defines key terms such as 'Appellate Tribunal,' 'Assessing Officer,' 'Board,' 'equalisation levy,' and 'specified service.' The equalisation levy is imposed at 6% on payments for specified services made by Indian residents or non-residents with a permanent establishment in India to non-residents. However, the levy does not apply if the non-resident has a permanent establishment in India and the income is connected to it, or if the payment does not exceed one lakh rupees annually.
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