Advance Rulings

Advance ruling can broadly be defined as a set of tax regulations, by an authority, regarding consequences of proposed transaction, prior to entering into the transaction. It helps tax payers to plan their income-tax affairs well in advance and to avoid long drawn and expensive litigation. A non-resident or certain categories of resident can obtain binding rulings from the Authority on question of law or fact arising out of any transaction/proposed transactions which are relevant for the determination of his tax liability.

» SCHEME OF ADVANCE RULING

» WHAT IS COMPOSITION OF ADVANCE RULING

» WHO CAN SEEK IT

» WHAT ARE BENEFIT OF ADVANCE RULING

» QUESTIONS ON WHICH ADVANCE RULING CAN BE SOUGHT

» HOW TO SEEK ADVANCE RULING

» TIME LIMIT FOR PRONOUNCING THE LIMIT

» WHERE TO GET ASSISTANCE

LAW RELATING TO ADVANCE RULING

» Chapter XIXB of  income tax 1961

» Rule 44E of income tax rule 1962

» AAR procedure rules, 1996

» Form 34C    Form 34 D     Form 34E