Equalization Levy Form No. 1

This query is : Resolved

Ashish Kumar Pandey (Querist)
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28 June 2024 Dear Sir,

If we have an Indian company, and not paid any Equalisation levy tax during the year FY 2023-24

it is mandatory or required to file NIL Return of Equalization Levy Form No. 1.

or any option available on portal for file NIL return.

Please suggest.

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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07 July 2024 Yes, if your Indian company has not made any payment towards Equalisation Levy (EL) during the financial year FY 2023-24, it is still mandatory to file a NIL Return of Equalisation Levy using Form No. 1. This ensures compliance with the reporting requirements even when no levy was actually paid.

Here’s how you can proceed to file a NIL Return of Equalisation Levy:

1. **Access the Portal:** Log in to the e-filing portal of the Income Tax Department (https://www.incometaxindiaefiling.gov.in/) using your company’s credentials.

2. **Navigate to EQL Tab:** Look for the section or tab related to Equalisation Levy (EQL). This can typically be found under the section for "e-File" or "Quick Links."

3. **Select Form No. 1:** Choose Form No. 1 for filing the NIL return of Equalisation Levy.

4. **Enter Details:** Fill out the form with your company’s details, including the PAN, assessment year (AY), and other relevant information. Indicate that there were no transactions liable for Equalisation Levy during the FY 2023-24.

5. **Submit and File:** After verifying all the details entered, submit the form online. You may receive a confirmation or acknowledgment of the NIL return filing.

6. **Keep Records:** Save or print the acknowledgment received after filing the NIL return for your records. This serves as proof of compliance in case of any future queries or audits.

### Points to Note:
- Filing a NIL return is necessary even if no Equalisation Levy was paid during the financial year.
- Ensure all information entered in the form is accurate to avoid any discrepancies.
- Check the deadline for filing the NIL return to ensure timely compliance.

By following these steps, your Indian company can fulfill its compliance requirements under the Equalisation Levy regime for the FY 2023-24, even if no levy was payable.