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of <h1>Advance Ruling Scheme in International Taxation Offers Clarity on Tax Liabilities for Resident and Non-Resident Transactions under Sections 245N to 245V.</h1> The scheme of advance ruling in international taxation was introduced in the Income Tax Act, 1961, to address taxation issues for transactions between residents and non-residents. This allows individuals to apply to the Authority for Advance Rulings (AAR) for clarity on tax liabilities, thereby avoiding lengthy and costly appeals. The provisions for advance rulings are detailed in sections 245N to 245V. The Board of Advance Rulings (BAR) has the authority of a civil court under the Code of Civil Procedure, 1908, ensuring the process is straightforward, cost-effective, and efficient.
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