Section 50O: Liability to CCR Levy

50O. Liability to CCR Levy (1) Subject to this Sub-part, every company shall, in every year, be liable to pay to the Director-General a CCR Levy equivalent to 2 per cent of its chargeable income. (2) The levy under subsection (1) shall be paid in respect of the year of assessment commencing on 1 July 2024 and in respect of every subsequent year of assessment as follows – (a) in the case of a resident société, together with its annual return under section 119; and (b) in any other case together with the company’s annual return under section 116. (3) No CCR Levy shall be payable by a company under subsection (1) with respect to a year of assessment, where the turnover of the company for that year of assessment does not exceed 50 million rupees. (4) This Sub-part shall apply to a resident société as it applies to a company, and its net income shall be deemed to be its chargeable income and any distribution of its net income shall, for the purpose of this Sub-part, be deemed to be dividends. (iv) in section 57, by inserting, after the words “24B,”, the words “27DA,”; (v) by inserting, after section 65B, the following new section –