CBDT amends Equalization levy Rules, 2016 to prescribe changes in Forms for filing statements and appeals

Central Board of Direct Taxes (CBDT) has issued Notification No.87/2020 dated 28th October, 2020 to amend the Equalization levy Rules, 2016.

Key points of the Amendments are:

1. A new clause has been inserted after clause (a) of Rule 2 of Equalisation levy Rules, 2016 in order to prescribe the definition of “electronic verification code” which means a code generated for the purpose of electronic verification of the person furnishing the statement of specified services as per the data structure and standards laid down by the Principal Director- General of Income-tax (Systems) or Director General of Income-tax (Systems), as the case may be.

2. In Rule 3 of Equalisation levy Rules, 2016 i.e. Rounding off of consideration for specified services, equalisation levy, a change has been made where the words “specified services” have been omitted and the words “amount of consideration” shall be substituted.

3. Rule 4 and Rule 5 of Equalisation levy Rules, 2016 relating to Payment of Equalisation Levy and statement of specified services or e-commerce supply or services has been substituted to include the name of e-commerce operator also (apart from the assessee), to provide that in case the e-commerce operator are required to deduct and pay equalisation levy, then it shall pay the amount of such levy, by remitting it into the Reserve Bank of India or in any branch of the State Bank of India or of any authorised Bank accompanied by an equalisation levy challan and also furnish the statement as required in Form No 1 in the manner as prescribed.

4. Rule 6 of Equalisation levy Rules, 2016 relating to time limit to be specified in the notice calling for statement of specified services has been substituted to provide that incase the e-commerce operator fails to furnish the statement as required in Form No. 1, then the assessing officer may require him to furnish within 30 days from the date of service of notice the statement in the manner prescribed as per Rule 5.

5. Sub-rules (2) of Rule 8 of Equalisation levy Rules, 2016 relating to Form of Appeal to Commisioner in Form No 3 shall be substituted to provide that the form of appeal shall be verified by the person who is authorised to verify the statement as applicable to the assessee or e-commerce operator, as the case may be.

6. Rule 9 Equalisation levy Rules, 2016 relating to Form of Appeal to Appellate Tribunal shall be substituted to provide that in both the places where word “assessee” occurs, the words “assessee or e-commerce operator, as the case may be” shall be substituted.

7. Form No. 1 i.e. Statement of specified services or e-commerce supply or services has been substituted.
For further details and updated Form, please refer the attached document.

 

 

Source: Ministry of Finance

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