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The CBDT has notified ‘the Centralised Processing of Equalisation Levy Statement Scheme, 2023’ vide Notification No. 03/2023-Income Tax dated 07.02.23 regarding the processing of the Equalisation Levy Statements furnished by the assessee or E-Commerce Operator (“ECO”) under Section 167 of the IT Act, 1961, i.e. furnishing of statement. The present article shall discuss the key aspects covered in the notification.
Table of Contents
The Equalisation Levy Statement can be declared invalid by the Commissioner due to the following reasons.
(i) For non-compliance with the procedure regarding the use of any software not validated and approved by the DG; or
(ii) Furnishing incomplete information in the Equalisation Levy Statement
(a) Adopt an appropriate procedure for processing Equalisation Levy Statements; or
(b) Make a decision with regard to the order of priority related to the processing of Equalisation Levy Statements on the basis of administrative requirements.
For the purposes of this Scheme, –
(a) Every notice, intimation or any other communication under this Scheme from the Centre to the taxpayer or ECO or its authorised representative shall be made by–
(i) Delivering or transmitting its copy to the person electronically sent by the email id of the centre
(ii) Placing its copy in the regd. electronic account of the person on the designated portal ;
(iii) Any of the modes mentioned 282 (1) of the ITA,1961.
(b) The intimation, orders and notices must be computer generated and must not carry the physical signature of the person signing it.
The Director General shall, by specifying the procedures and processes from time to time for effectively implementing and proper functioning this Scheme in an automated and mechanised environment, inclusive of providing the procedure and processes with regard to the following after the approval of the Board
CBDT has introduced this scheme in the exercise of the powers mentioned in 168 (2) of the Finance Act 2016 (28 of 2016). The scheme can stream the procedure of processing equalization levy statements which can be beneficial for both the assessee and ECO.
Also Read: A Complete Overview of Equalization Levy (EL)
Shubhangi has completed her B. A.LLB (H) with specialization in Business Laws from Amity University. She is particularly interested in legal research and writing and wishes to utilize her knowledge to create informative legal content. She has prior experience in corporate and criminal litigation and has great drafting skills. She has also published various research papers in reputed journals.
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