The boards began functioning by way of e-mail-based procedures and conducting listening to by way of video conferencing.
| Photo Credit: Okay. Murali Kumar
The Income Tax department on Saturday mentioned the boards for advance rulings have been operationalised in Delhi and Mumbai, which can perform by way of email-based procedures and conduct hearings by way of video convention.
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 launched with an goal to make all the technique of advance rulings with a minimal interface and impart better effectivity, 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 mentioned in an announcement.
A non-resident investor can receive certainty on legal responsibility in direction of earnings tax even earlier than endeavor the funding in India. Further, even a resident entity can receive a ruling on the taxability of a transaction and keep away from long-drawn litigation, because the scheme can also be obtainable to a resident taxpayer looking for an advance ruling regarding its tax legal responsibility arising out of a number of transactions, valuing Rs 100 crore or extra in complete.
Public sector undertakings can make the most of getting advance rulings on questions of info or regulation pending earlier than any earnings tax authority or appellate tribunal.
