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of <h1>Section 96A(b) Defines 'Applicant' for Advance Ruling: Includes Non-Residents, Joint Ventures, and Subsidiaries</h1> Section 96A(b) of the Finance Act, 1994, defines the term 'applicant' for the purposes of advance ruling under the Income-tax Act, 1961. It includes non-residents or residents setting up joint ventures in India, wholly owned Indian subsidiaries of foreign companies, joint ventures in India, or any resident specified by the Central Government. A joint venture in India is described as a contractual arrangement where multiple parties engage in an economic activity under joint control, with at least one non-resident participant holding a substantial interest. This definition is crucial for determining eligibility for advance tax rulings.
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