Advance Rulings

(Direct Taxes)

Under the scheme the power of giving advance rulings has been entrusted to an independent adjudicatory body. Accordingly, a high level body headed by a retired judge of the Supreme Court has been set-up. This is empowered to issue rulings, which are binding both on the Income-tax Department and the applicant. The procedure prescribed is simple, inexpensive, expeditious and authoritative.

Advance Ruling means written opinion or authoritative decision by an Authority empowered to render it with regard to the tax consequences of a transaction or proposed transaction or an assessment in regard thereto. It has been defined in section 245N(a) of the Income-tax Act, 1961 as amended from time-to-time.

For provisions related to this scheme please visit:

https://www.incometaxindia.gov.in/Pages/international-taxation/advance-ruling-details.aspx

For a detailed guide and tutorial on making an application for Advanced Ruling please click here. *