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Income Tax dept operationalises e-advance ruling in Delhi, Mumbai

Public sector undertakings can take advantage of getting advance rulings on questions of facts or law pending before any income tax authority or appellate tribunal

Money, Tax

Money, Tax

Press Trust of India New Delhi

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The Income Tax department on Saturday said the boards for advance rulings have been operationalised in Delhi and Mumbai, which will function through email-based procedures and conduct hearings through video conference.
The Central Board of Direct Taxes (CBDT) had constituted three boards for advance rulings in September, 2021. Further, 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 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," the CBDT said in a statement.
A non-resident investor can obtain certainty on liability towards income tax even before undertaking the investment in India. Further, even a 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 pending before any income tax authority or appellate tribunal.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Aug 19 2023 | 1:51 PM IST

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