Finance Bill proposes to withdraw 6% Equalisation Levy on online ad services
Notably, the Equalisation Levy was imposed on online advertisement services on June 1, 2016.
Notably, the Equalisation Levy was imposed on online advertisement services on June 1, 2016.
In the Lok Sabha, FM Sitharaman will move the Bill to give effect to the financial proposals of the Central government for the financial year 2025-2026.
The House discussed the Finance (No 2) Bill, 2024, moved by Finance Minister Nirmala Sitharaman, along with the Union Budget, 2024-25.
Taxation proposals approved, and a committee on pension system for government employees proposed.
With the Finance Bill 2023 having been passed in Lok Sabha through voice vote, it has suggested a slew of amendments namely hike in the withholding tax from 10 per cent to 20 per cent on royalty and fees for technical services payments to non-residents and waiver of surcharge on capital gains earned by GIFT Category III.
The finance bill now needs presidential approval to become effective from July 1 when the country's new financial year will begin.
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