Due Date of Furnishing Equalisation Levy Statement (Form-1) is 30th June 2025 for financial year 2024-25

The Due Date of Furnishing Equalisation levy Statement for the Financial year 2024-25 is on or before 30th June 2025.

 

This return has to be filed by the following persons:

1. Assessee who paid Equalisation levy (EL) of 6% on the specified services (Online advertisements services) taken from non-resident service provider during the period from 1st April 2024 to 31st March 2025.
2. E-commerce operator who paid EL of 2% of the amount of consideration received or receivable from the e-commerce supply or services made or provided or facilitated by him during the period from 1st April 2024 to 31st July 2024.

 

Penalty for failure to furnish statement

If the assessee or E-commerce operator failed to furnish the Equalisation levy statement within the above prescribed time, he has to pay a penalty of 100 Rs. Per day till the default continues.

 

Abolition of Equalisation Levy

1. The 2% Equalisation Levy on e-commerce transactions has been abolished, effective from August 1, 2024, under the Finance Act, 2024.
2. The 6% Equalisation Levy on specified services (online advertisement services) has been abolished, effective from April 1, 2025, under the Finance Act, 2025.

 

As a result, the exemption under Section 10(50) of the Income Tax Act, 1961, will no longer apply after the respective effective dates.

 

Please reach out to us for any assistance regarding furnishing of Equalisation Levy Statement (Form-1).