Hello Everyone,
I had a query regarding Equalization Levy.
We comply with the applicable provisions of deducting the requisite amount of EL before making payments to the vendors and deposit the same within the due date. Vendor is requesting EL tax paid receipt or certificate as a proof that we have paid the same to the tax authorities (this is similar to the TDS certificates that we issue to the vendors in India). So is there any certificate with respect to EL taxes?
Appreciate your early response.
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Query on Equalization Levy
Replies (2)
Quick Summary
No there is no certificate , it is only the tax paid challan which you can show as proof.
Equuilisation Levy to be remitted on or before 7th of next month to RBI or SBI.Remittance is mandatory even if not deducted(similar to TDS challan).So Payment receipt or acknowledgement could be given to vendor
Also,Statement of specified services to be filed annually in form 1 by 30th June following the previous year(that is 30th June of subsequent year of Transaction).It must be digitally signed.
Also,Statement of specified services to be filed annually in form 1 by 30th June following the previous year(that is 30th June of subsequent year of Transaction).It must be digitally signed.
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