I-T department operationalises e-advance ruling in Delhi, Mumbai
The Hindu
A NRI investor can obtain certainty on tax liability even before undertaking the investment in India; resident entity can obtain a ruling on taxability of a transaction and avoid litigation
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 hearing 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.
Flight AI177 will depart Bengaluru at 1.05 p.m. and arrive at London Gatwick at 7.05 p.m. (local time). From London Gatwick, flight AI178 will depart at 8.35 p.m. (local time) and arrive in Bengaluru at 10.50 a.m. (next day arrival). From Bengaluru, the flight will operate on Mondays, Wednesdays, Thursdays, Fridays and Sundays.