CBDT Releases’ Handbook On Advance Rulings’ to Guide/Assist Taxpayers Seeking Advance Rulings
- News|Blog|Income Tax|
- < 1 minute
- By Taxmann
- |
- Last Updated on 28 August, 2023
Latest from Taxmann
Press Release, dated 19-08-2023
In September 2021, the Central Board of Direct Taxes (CBDT) introduced E-advance Ruling Scheme in order to to make the entire process of advance rulings with a minimal interface and impart greater efficiency, transparency, and accountability. The 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 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.
To provide general guidance and assistance to the taxpayers on the procedure to seek Advance Rulings, the CBDT has released a Handbook of the Board for Advance Rulings.
The information contained in the handbook is intended for general guidance only. It is not a substitute for the relevant Acts, Rules, circulars, or orders for which a reference must invariably be made to the authorized text.
Click Here To Read The Full Press Release
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
