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of <h1>Income Tax Bill 2025 Clause 384 sets advance ruling procedures mirroring existing tax law requirements</h1> The Income Tax Bill 2025's Clause 384 establishes procedures for processing advance ruling applications, closely mirroring Section 245R of the Income-tax Act 1961. The Board for Advance Rulings must forward applications to tax authorities, examine them, and either allow or reject within specified grounds. Applications must be rejected if questions are pending before other authorities, involve fair market value determinations, or relate to tax avoidance schemes. The Board must provide hearing opportunities before rejection, issue reasoned orders, and pronounce rulings within six months. The provision maintains procedural fairness through natural justice principles while preventing misuse of the advance ruling mechanism for avoiding legitimate tax obligations.
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