CBDT implements Advance Rulings in Delhi and Mumbai:

CBDT implements Advance Rulings in Delhi and Mumbai The Central Board of Direct Taxes (CBDT) established three Advance Ruling Boards in September, 2021. Furthermore, under Notification No. 07 of 2022, the Scheme of E-advance Ruling was developed with the goal of making the whole process of advance rulings with a minimal interface and imparting increased efficiency, transparency, and accountability. Subsequently, advance ruling boards have been established in Delhi and Mumbai. These Boards started working with e-mail-based procedures and video conferencing to conduct hearings. Even before making an investment in India, a non-resident investor might acquire assurance about his or her income tax liability. Furthermore, a resident entity can obtain a ruling on the taxability of a transaction and avoid protracted litigation because the Scheme is also available to a resident taxpayer seeking an advance ruling concerning its tax liability arising from one or more transactions worth Rs.100 crore or more in total. Public Sector Undertakings can get advance judgements on factual or legal issues before any income-tax authority or Appellate Tribunal. The CBDT Chairman issued a Handbook of the Board for Advance Rulings to give broad information and help to taxpayers on the procedure for seeking Advance Rulings on 18th of August, 2023. On this occasion, the Chairman of the CBDT emphasised the government's priority in the areas of conflict prevention and rapid settlement of disputes. The establishment of procedures such as the Board for Advance Rulings is a step in this direction. To Download Advance Ruling Handbook Click Link Given Below: