Budget: Exempt entities like non-profits face hurdles due to TCS on transactions. Govt can notify exemptions/lower TCS rates for them. Effective Oct '...
Budget: Amendments clarify penalties for inaccurate info/non-compliance with due diligence under AEoI. Rs. 50K fine for errors/failures. Defense allow...
The government has proposed to abolish the 6% Equalisation Levy on online advertisements through amendments to the Finance Bill 2025 introduced in the Lok Sabha. This move follows last year's removal of the 2% Equalisation Levy on e-commerce transactions. The decision appears strategically timed to demonstrate an accommodative stance toward the US, which had threatened reciprocal tariffs beginning April 2. The abolition aims to address international concerns about the unilateral nature of the levy while providing greater certainty to taxpayers. Additional amendments include modifications to offshore fund investment requirements and clarifications regarding tax assessments under search and seizure provisions, specifically introducing the term "Total Undisclosed Income" to better define the scope of such proceedings.
The government has proposed to abolish the 6% Equalisation Levy on online advertisements through amendments to the Finance Bill 2025 introduced in the Lok Sabha. This move follows last year's removal of the 2% Equalisation Levy on e-commerce transactions. The decision appears strategically timed to demonstrate an accommodative stance toward the US, which had threatened reciprocal tariffs beginning April 2. The abolition aims to address international concerns about the unilateral nature of the levy while providing greater certainty to taxpayers. Additional amendments include modifications to offshore fund investment requirements and clarifications regarding tax assessments under search and seizure provisions, specifically introducing the term "Total Undisclosed Income" to better define the scope of such proceedings.
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