Quick Summary
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 effici
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FAQ :
The Boards for Advance Rulings aim to provide certainty on income tax liability for investors before they invest in India and to help resident entities avoid long-drawn litigation by resolving taxability of transactions.
The Boards for Advance Rulings have been operationalised in Delhi and Mumbai.
The Boards function through e-mail-based procedures and conduct hearings via video conferencing.
Non-resident investors can obtain certainty on their tax liability. Resident entities can seek rulings on transactions valued at ₹100 crore or more. Public Sector Undertakings can also get rulings on pending tax matters.
Yes, a Handbook of the Board for Advance Rulings has been released by the Chairman, CBDT, and can be accessed online.
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