Lagatar24 Desk
New Delhi, August 19: The boards for advance ruling have been operationalized in Delhi and Mumbai, the Income Tax department announced on Saturday. These boards will operate using email-based procedures and conduct hearings via video conference.
Three boards for advance rulings were established by the Central Board of Direct Taxes (CBDT) in September 2021.
Additionally, the e-advance ruling scheme was set up with the goal of streamlining the entire advance ruling procedure, increasing 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.
Even before making an investment in India, a non-resident investor can obtain assurance on their tax burden.
The scheme is also available to a resident taxpayer seeking an advance ruling concerning its tax liability arising out of one or more transactions with a total value of Rs 100 crore or more, so even a resident entity can get a decision on the taxability of a transaction and avoid protracted litigation.
Public sector organizations can benefit from acquiring preliminary decisions on issues of fact or law that are currently under consideration by any income tax authority or appellate tribunal.
