TaxTMI 
TaxTMI 
Operationalisation of the Board for Advance Rulings
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....perationalisation of the Board for Advance Rulings <br>News and Press Release<br>Dated:- 19-8-2023<br><BR>The Central Board of Direct Taxes constituted three Boards for Advance Rulings in September, 2021. Further, by Notification No. 07 of 2022, the Scheme of E-advance Ruling was introduced with an objective to make the entire process of advance rulings with a minimal interface and impart greater ....
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....efficiency, transparency and accountability. Subsequently, the Boards for Advance Rulings have been operationalised in Delhi and Mumbai. These Boards started functioning through e-mail-based procedures and conducting hearing through video conferencing. A non-resident investor can obtain certainty on its liability towards income tax even before undertaking the investment in India. Further, even a....
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.... resident entity can obtain a Ruling on the taxability of a transaction and avoid long-drawn litigation, as the Scheme is also available to a resident taxpayer seeking an advance ruling concerning its tax liability arising out of one or more transactions, valuing Rs.100 crore or more in total. Public Sector Undertakings can take advantage of getting advance rulings on questions of facts or law pen....
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....ding before any income-tax authority or Appellate Tribunal. To provide general guidance and assistance to the taxpayers on the procedure to seek Advance Rulings, a Handbook of the Board for Advance Rulings has been released by the Chairman, CBDT on 18th of August, 2023. The Handbook can be accessed at https://incometaxindia.gov.in/pages/international-taxation/advance-ruling.aspx. On this occasio....
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....n, Chairman, CBDT laid emphasis on the priorities of the government in the area of dispute prevention and prompt resolution of disputes. Creation of mechanisms like the Board for Advance Rulings is a step in this direction.<BR> News - Press release - PIB....