Section 166 - Collection and recovery of equalisation levy on specified services. - Finance Act, 2016

2 [Collection and recovery of equalisation levy on specified services.]. 166 . (1) Every person, being a resident and carrying on business or profession or a non-resident having a permanent establishment in India (hereafter in this Chapter referred to as assessee) shall deduct the 1 [ equalisation levy referred to in sub-section (1) of section 165 ] from the amount paid or payable to a non-resident in respect of the specified service at the rate specified in section 165, if the aggregate amount of consideration for specified service in a previous year exceeds one lakh rupees. (2) The equalisation levy so deducted during any calendar month in accordance with the provisions of sub-section (1) shall be paid by every assessee to the credit of the Central Government by the seventh day of the month immediately following the said calendar month. (3) Any assessee who fails to deduct the levy in accordance with the provisions of sub-section (1) shall, notwithstanding such failure, be liable to pay the levy to the credit of the Central Government in accordance with the provisions of sub-section (2). ****************** NOTES:- 1. Substituted vide Finance Act, 2020 dated 27-03-2020 before it was read as equalisation levy 2. Substituted vide Finance Act, 2020 dated 27-03-2020 before it was read as Collection and recovery of equalisation levy