Page 12 - Equalisation Levy News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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The IT Ethics Rules state, ‘The significant social media intermediary shall have a physical contact address in India, published on its website or mobile-based internet application or both, as the case may be, for the purpose of receiving the communication addressed to it.’ Would this mean that such companies would necessarily need to have a physical place of business in India?

No TDS required on import of shrink-wrapped software: Supreme Court Top Searches No TDS required on import of shrink-wrapped software: Supreme Court Lubna Kably / TNN / Updated: Mar 3, 2021, 08:10 IST FacebookTwitterLinkedinEMail MUMBAI: The Supreme Court (SC) on Tuesday ruled that payments made by resident Indian end-users or distributors (such as technology companies) to overseas suppliers on import of ‘shrink-wrapped’ software – generally known as off-the-shelf software, is not a ‘Royalty’ payment. Thus, no withholding tax obligations arise in India, against such payment. During...

Taxing e-commerce Equalisation levy should stay, but clarity is needed on some grey areas The vociferous criticism of the changes proposed to the equalisation levy in the Budget highlights the extent to which foreign e-commerce players are averse to it. The levy hamstrings their ability to avoid paying taxes in countries from where they derive their revenue. It is notable that India was among the first to implement the levy, which was initially proposed by OECD to prevent base-erosion caused by multinational digital services companies; there is no reason for the Centre to dilute the levy or r...

Synopsis In cases where a local buyer and seller transact over a foreign e-commerce platform, a straight imposition of the equilisation levy on the total consideration would amount to double taxation. Mumbai: The Central Board of Direct Taxes (CBDT) may relook at the ‘equalisation levy’ for purchases where Indian businesses use overseas ecommerce platforms to sell goods and services to Indian consumers. The 2% levy paid by foreign ‘ecommerce operator’ on gross consideration attempts to address tax challenges in an increasingly digital economy. But in cases where a local buyer and sell...