Translation has an immense scope not only in literature but also in medical, trade & commerce, education, science, technology, business, politics, economic affairs, entertainment, advertisement, international & bilateral relations, and many other emerging fields. It is an internationally accepted branch of study emerging as inter & intra socio-cultural communication. It also has an extensive nature as a stream of study & actual practice. Translation provides an opportunity to compare and study various kinds of literatures helping to create an identity of native literature into other lands. It has proved a very strong medium of communication not only between two heterogeneous languages but also in the same language periodically differed. But the process of translation/ actual translation from SLT into TLT is the basic component where the problem of equivalence arises. The issue of Translation Equivalence can be resolved by structuring & re-structuring it into some types viz. Linguistic, Semantic, Stylistic, Socio-Cultural and Mytho-Symbolic Equivalence.