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Dear All 


This news flash from JAKS & Associates covers few major amendments which will be effective from 01.06.2016. 

1) Equalisation Levy @ 6% on advertisements 

2) TCS @ 1% on sale of goods or services in cash above Rs.200,000

3) Income Disclosure Scheme 2016

4) Increase in threshold limit for tds and changes in tds rates

5) Changes in Advance Tax Payment Due Dates

6) Annual Service Tax Return

7) Introduction of Krishi Kalyan Cess

1) Equalisation levy @6% :
Effective from 01.06.2016
Equalisation levy @ 6% on the gross amount shall be applicable on payments to Non-Resident.

Applicable only in cases if the non-resident does not have a permanent establishment in India.

Applicable only if the payments made to a non-resident in a year exceeds Rs. 100,000

Non levy and payment will result in dis allowance of such expenditure

For ex: any payment made to Facebook or Google for online advertisement exceeding Rs.1,00,000 p.a will be subjected to equalisation levy @6%.


Click here to read through the rest of the update and keep yourself upto date on the major tax and regulatory changes that will impact your business.

Please email info@jaksllp.com if you require any additional information regarding this Alert. 

JAKS & Associates