Subscribe

0

  • Sign in with Email

By clicking the button, I accept the Terms of Use of the service and its Privacy Policy, as well as consent to the processing of personal data.

Don’t have an account? Signup

  • Bookmarks
  • My Profile
  • Log Out
  • NEWS
  • POLICIES
  • MSME OPPORTUNITIES
  • BANKING & FINANCE
  • TECHNOLOGY FOR SMES
  • SECTORS
  • GLOBAL
  • Investment
  • LEGAL
  • KNOWLEDGE QUEST
  • Future Ready Forum 2025
  • Ek Nayi Udaan
  • Future Ready Summit 2024
  • ADVERTISE WITH US
ad_close_btn
  • News
  • Policies
  • Banking & Finance
  • MSME Opportunities
  • Web Stories
  • InFocus
  • Technology For SMEs
  • Sectors
  • Global
  • Fashion

Powered by :

You have successfully subscribed the newsletter.
InFocus

Implementation of the Operational Board for Advance Rulings

The Boards for Advance Rulings were subsequently operationalized in Mumbai and Delhi. These Boards initially operated via email-based processes and held hearings via video conference.

author-image
SMEStreet Edit Desk
19 Aug 2023 11:05 IST

Follow Us

New Update
Central Board of Direct Taxes

The Central Board of Direct Taxes constituted three Boards for Advance Rulings in September, 2021. Further, by Notification No. 07 of 2022, the Scheme of E-advance Ruling was introduced with an objective to make the entire process of advance rulings with a minimal interface and impart greater efficiency, transparency and accountability.

Subsequently, the Boards for Advance Rulings have been operationalised in Delhi and Mumbai. These Boards started functioning through e-mail-based procedures and conducting hearing through video conferencing.

A non-resident investor can obtain certainty on its liability towards income tax even before undertaking the investment in India. Further, even a resident entity can obtain a Ruling on the taxability of a transaction and avoid long-drawn litigation, as the Scheme is also available to a resident taxpayer seeking an advance ruling concerning its tax liability arising out of one or more transactions, valuing Rs.100 crore or more in total. Public Sector Undertakings can take advantage of getting advance rulings on questions of facts or law pending before any income-tax authority or Appellate Tribunal.

To provide general guidance and assistance to the taxpayers on the procedure to seek Advance Rulings,  a  Handbook of the Board for Advance Rulings has been released by the Chairman, CBDT on 18th of August, 2023. The Handbook can be accessed at https://incometaxindia.gov.in/pages/international-taxation/advance-ruling.aspx.

On this occasion, Chairman, CBDT laid emphasis on the priorities of the government in the area of dispute prevention and prompt resolution of disputes. Creation of mechanisms like the Board for Advance Rulings is a step in this direction.

Operational Board Income Tax Authority Advance Rulings Central Board of Direct Taxes
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news
logo

Related Articles
Read the Next Article
Latest Stories
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news

Latest Stories
Latest Stories
    Powered by


    Subscribe to our Newsletter!




    Powered by
    Select Language
    English

    Share this article

    If you liked this article share it with your friends.
    they will thank you later

    Facebook
    Twitter
    Whatsapp

    Copied!