Tag Archives: Section 40(a)(ib)

Disallowance for non-payment of equalization levy- Section 40(a)(ib)

By | October 16, 2016

Disallowance in respect of non-payment of equalization levy [Section 40(a)(ib)] Key Points about Disallowance for non-payment of equalization levy- Section 40(a)(ib) Chapter VIII of the Finance Act, 2016 provides for deduction of equalization levy for certain specified services. Read Equalisation levy Salient Features The section applies to all assessees, whether corporate or non-corporate and whether resident… Read More »

Non payment of equalization levy : Disallowance u/s 40(a)(ib)

By | May 23, 2016

Non payment of Equalization levy : Disallowance u/s 40(a)(ib) of Income tax Act 1961 Salient Features of  equalization levy : Disallowance u/s 40(a)(ib) Deduction of equalization levy for certain specified services is provided in Chapter VIII of the Finance Act, 2016 A new section 40(a)(ib) has been inserted with effect from 1-6-2016 to provide that the consideration… Read More »