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of <h1>Businesses Must Deduct Equalisation Levy on Payments Over 1 Lakh to Non-Residents, Pay by Next Month's 7th Day.</h1> Clause 163 of the Finance Bill, 2016, mandates that residents conducting business or non-residents with a permanent establishment in India (referred to as assessees) must deduct an equalisation levy from payments to non-residents for specified services if the annual consideration exceeds one lakh rupees. The deducted levy must be paid to the Central Government by the seventh day of the following month. If the assessee fails to deduct the levy, they are still required to pay it to the government by the specified deadline.
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