Application to advance ruling

[SNEHAL SHAH]

Sir,

 

In which case we will give application at Advance rulling , please brief advace ruling procedure & when need .

Sachin

[Surender Gupta]

Chapter No. XIX B of the Income tax Act, provides provisions for Advance rulings.  Section 245N of the Act provides the meaning of advance ruling and person (an applicant) who can file advance ruling application.

AI Summary

Advance ruling clarifies who may qualify as an applicant to seek a binding tax determination under the advance ruling scheme. Statutory provisions in Chapter XIX B govern advance rulings; Section 245N defines the concept of an advance ruling and identifies the class of persons who qualify as an applicant entitled to file an advance ruling application, establishing the foundational eligibility rule for seeking an authoritative determination under the advance ruling scheme.