[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART-II,
SECTION 3, SUB-SECTION(II)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
S.O. 1905(E) – In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 179 of the Finance Act, 2016 (28 of 2016), the Central Government hereby makes the following rules for carrying out the provisions of Chapter VIII of the said Act relating to Equalisation levy, namely:-
1. Short title and commencement. – (1) These rules may be called the Equalisation levy Rules, 2016.
(2) They shall come into force on the 1st day of June, 2016.
2. Definitions. – In these rules, unless the context otherwise requires,-
(a) “Act” means the Finance Act, 2016 (28 of 2016);
(b) “Form” means Forms appended to these rules.
3. Rounding off of consideration for specified services, equalisation levy, etc. – The amount of consideration for specified services and the amount of Equalisation levy, interest and penalty payable, and the amount of refund due, under the provisions of Chapter VIII of the Act shall be rounded off to the nearest multiple of ten rupees and, for this purpose any part of a rupee consisting of paise shall be ignored and thereafter if such amount is not a multiple of ten, then, if the last figure in that amount is five or more, the amount shall be increased to the next higher amount which is a multiple of ten and if the last figure is less than five, the amount shall be reduced to the next lower amount which is a multiple of ten.
4. Payment of Equalisation levy. – Every assessee, who is required to deduct and pay equalisation levy, shall pay the amount of such levy to the credit of the Central Government 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.
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