I-T Department Operationalises E-advance Ruling In Delhi, Mumbai

I-T Department Operationalises E-advance Ruling In Delhi, Mumbai

A non-resident investor can obtain certainty on liability towards income tax even before undertaking the investment in India.

PTIUpdated: Saturday, August 19, 2023, 05:10 PM IST
article-image
I-T Department Operationalises E-advance Ruling In Delhi, Mumbai | Representative pic

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 hearings 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.

RECENT STORIES

Stock Market Opening February 26: Indices In Red; Sensex At 72,998.30 & Nifty At 22,155.90

Stock Market Opening February 26: Indices In Red; Sensex At 72,998.30 & Nifty At 22,155.90

IOC, GAIL, ONGC Fined For Failure To Appoint Directors

IOC, GAIL, ONGC Fined For Failure To Appoint Directors

India's Steel Exports Surge, Reaches An 18-Month High In January

India's Steel Exports Surge, Reaches An 18-Month High In January

LIC Housing Finance Hopes To Earn ₹5,000 Cr Profit In FY24

LIC Housing Finance Hopes To Earn ₹5,000 Cr Profit In FY24

PV Industry Growth Likely To Moderate To Less Than 5% In FY25: Tata Motors

PV Industry Growth Likely To Moderate To Less Than 5% In FY25: Tata Motors