A committee was constituted by the Central Board of Direct Taxes to examine the business models for e-commerce, identify the direct tax issues in relation to e-commerce transactions and provide suggestions.
This committee was headed by Akhilesh Ranjan, Joint Secretary (CBDT) and it includes officers of the Central Board of Direct Taxes, representatives from the industry, the Institute of Chartered Accountants of India and tax experts
Equalization Levy may be imposed on payments to non-residents for specified services by a separate chapter in the Finance Act, 2016 Akhilesh Ranjan committee submits recommendations on Taxation of e-commerce.
The rate of Equalization Levy may be between 6 to 8 percent of the gross sum received
Any income arising from a transaction on which Equalization Levy has been paid should be exempted from income-tax, by necessary amendment in Section 10 of the Income-tax Act, 1961. The implementation and impact of Equalization Levy may be monitored on a regular basis.
- The Chairperson, CBDT is the senior-most IRS civil servant in the Government of India. The Chairperson of Central Board of Direct Taxes is the ex officio Special Secretary to the Government of India and also cadre controlling authority of the Indian Revenue Service.
- Atulesh Jindal is the Chairman of Central Board of Direct Taxes (CBDT)
So lets do:
- Akhilesh Ranjan committee is related to?
- Who is the Chairman of Central Board of Direct Taxes?
Source – The hindu