CBDT Notifies Centralised Processing of Equalisation Levy Statement Scheme, 2023 [Read Notification]

The Central Board of Direct Taxes (CBDT) released the notification of Centralised Processing of Equalisation Levy Statement Scheme, 2023 for processing of statements furnished under section 167 of the Finance Act, 2016.

The section 167 of the Finance Act, 2016 states about the furnishing statement and the CBDT on 7th February 2023 issued the notification.

According to the notification every assessee or e-commerce operator shall furnish the Equalisation Levy Statement under section 167(1) of the Finance Act within the time stipulated under sub-rule (2) of rule 5 of the Equalisation levy Rules, 2016.

The Equalization Levy Statement or a revised one under section 167(2) of the Finance Act may be provided by the assessee or the e-commerce operator at any time before the passing of two years from the end of the financial year in which the specified services were rendered or the e-commerce supply or services were made, provided, or facilitated.

Additionally, in line with rule 6 of the Equalisation levy Rules, a person may provide an Equalization Levy Statement in response to a notification issued by the Assessing Officer (AO) under section 167(3) of the Finance Act.

The notification further states that for non-compliance of procedure for using any software not validated and approved by the Director General or on account of incomplete information in the Equalisation Levy Statement, in these situations the Commissioner may declare an Equalisation Levy Statement invalid.

Processing of Equalisation Levy Statement

1. after accounting for any mathematical errors in the Equalization Levy Statement, the equalisation levy is calculated

• the interest, if any, will be calculated using the amount deducted from or payable, depending on the situation, as calculated in the Equalization Levy Statement;

• after adjusting the amount estimated under clause (b) against any amounts paid under subsection (2) of sections 166, 166A, or 170 of the Finance Act and any amounts paid otherwise by way of tax or interest, the assessee or e-commerce operator's obligation to pay or amount of refund due is determined;

• no intimation shall be prepared or generated and sent, after the expiry of one year from the end of the financial year in which the Equalisation Levy Statement or revised Equalisation Levy Statement is furnished , to the assessee or e-commerce operator specifying the sum determined to be payable by, or the amount of refund due to, him under clause (c); and

• the amount of refund due to the assessee or e-commerce operator in pursuance of the determination under clause (c) shall be granted to him.

Furthermore, if a revised Equalization Levy Statement is provided, the Centralised Processing Centre must only process the amended Equalisation Levy Statement; if the original Equalisation Levy Statement has not already been processed, no further action may be taken.

The notification also states that the assessee or e-commerce operator need not to make any personal appearance. Only written or electronic communication is enough and the Centralised Processing Centre itself calls if they need any information.

To Read the full text of the Order CLICK HERE

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