Equalization Levy (EL) on Online advertisement or space

By: Vaidehi Nalwaya - 3rd December, 2021


The Finance Act 2016, introduced equalization levy of 6% to be charged from amounts paid for specified services to a non-resident not having any permanent establishment in India. This equalization levy (EL) is independent of income tax provisions and is covered under Chapter VIII of the Finance Act 2016.

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TDS on Software Purchases

By: Vaidehi Nalwaya - 3rd December, 2021


As per The Hon’ble Supreme Court’s decision in the lead case of Engineering Analysis Centre of Excellence Pvt. Ltd [TS-106-SC-2021] dated 2ndMar 2021, there is no TDS deductible u/s 195 for payment to non-residents for software purchases. However, DTAA with respective countries has to be considered.

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Annual Information Statement (AIS)

By: Mr. Prasanna Ravikant Bhat - 22nd November, 2021


As intimated by the Hon. Finance Minister of India in her Union Budget, the CBDT has launched the AIS portal on 1st November, 2021 which gives a comprehensive and detailed statement containing details of many of the financial transactions undertaken by an assessee in the financial year (FY). It is an "All-in-one statement".

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Section 20 of IFRS for SMEs - FINANCE LEASES

By: Mr. Shashank Mundle - 4th October, 2021


If a lease agreement meets one or more of the indicators given below, the lease agreement should be accounted for as a finance lease

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Taxation of Rewards earned by Olympic players

By: Mr. Mohit Shetty - 9th September, 2021


We are all aware of India's success at the 2020 Tokyo Olympic Games and the 2021 Tokyo Paralympic Games. Whether it was Neeraj Chopra's gold, Mirabai Chanu's silver, Sundar Singh's bronze, or even our women's hockey team's almost missed a medal, they have all made the country proud. In fact, their victories have fueled the desire of the younger generation to follow in their footsteps.

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