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<h1>Advance ruling applicant includes non residents or residents forming joint ventures in India and specified residents seeking rulings.</h1> The term applicant for advance rulings includes non residents or residents setting up joint ventures in India, Indian wholly owned subsidiaries of foreign holding companies, existing joint ventures in India, and residents of classes specified by the Central Government, where such persons or entities apply for an advance ruling; a joint venture in India means a contractual arrangement undertaking an economic activity under joint control with one or more non resident participants holding substantial interest.