Decoding EL: Complexities are on a rise

It’s a bird! It’s a plane! It’s Superman! Well, in the tax landscape, determining the exact nature of the equalisation levy (EL) isn’t proving to be that easy. Is it part of the Income-Tax (I-T) Act, which could enable the nonresident entity to claim a tax credit in its home country? Or is it an indirect tax? Or, perhaps a form of turnover tax? The debate continues. Meanwhile, this levy has been grabbing headlines. As Mastercard had permanent