TaxTMI 
TaxTMI 
AUTHORITY FOR ADVANCE RULINGS ON CENTRAL TAXES BILL, 2007
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....UTHORITY FOR ADVANCE RULINGS ON CENTRAL TAXES BILL, 2007 <br>News and Press Release<br>Dated:- 5-2-2008<br><BR>Authority for Advance Rulings On Central Taxes Bill, 2007 At present, there are two Authorities for Advance Rulings, one constituted under section 245-O of the Income-tax Act, 1961, which has under section 24 of the Central Sales Tax Act, 1956, also been notified as the Central Sales Tax....
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.... Appellate Authority, and the other constituted under section 28F of the Customs Act, 1962, which is also an Authority for Advance Rulings under the Central Excise Act, 1944 and the Finance Act, 1994 for purposes of Service Tax. These Authorities, called as "Authority for Advance Rulings (Income-tax)" and "Authority for Advance Rulings (Central Excise, Customs and Service Tax)", have been establis....
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....hed to enable applicants to obtain, in advance, binding rulings from the said Authorities on issues which may arise in the determination of their tax liabilities. 2. While reviewing the performance of the said Authorities on Advance Rulings, it was noticed that these Authorities did not have adequate work to justify separate Authorities with separate establishments. A decision was, therefore, ta....
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....ken to constitute a common Authority for Advance Rulings for performing the functions of these Authorities. For this purpose, it is necessary to enact a separate legislation. Hence, the Authority for Advance Rulings on Central Taxes Bill, 2007, for constituting an Authority for Advance Rulings on Central Taxes. Consequential amendments to the relevant provisions of the Income-tax Act, 1961, the Cu....
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....stoms Act, 1962, the Central Excise Act, 1944, the Central Sales Tax Act, 1956 and the Finance Act, 1994 are also sought to be done through the Bill. 3. The Bill seeks to achieve the above objects.<BR> News - Press release - PIB....