Income Tax dept operationalizes Board for Advance Rulings in Delhi, Mumbai

New Delhi [India], August 19 (ANI): The Board for Advance Rulings has been operationalized in Delhi and Mumbai, the Income Tax department said in an official release on Saturday. 
Earlier in September 2021, the Central Board of Direct Taxes (CBDT) constituted three Boards for Advance Rulings. 
Further, the Scheme of E-advance Ruling was introduced with the objective to make the entire process of advance rulings with a minimal interface and impart greater efficiency, transparency, and accountability, the release said. 
According to the CBDT release, these 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, as per the release.
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, a Handbook of the Board for Advance Rulings has been released by Nitin Gupta, Chairman, CBDT, on August 18, 2023.
On this occasion, Chairman, CBDT, laid emphasis on the priorities of the government in the area of dispute prevention and prompt resolution of disputes. The creation of mechanisms like the Board for Advance Rulings is a step in this direction. (ANI)