CBDT constitutes the Boards for Advance Rulings and its Headquarters [Read Notification]

CBDT- Advance Rulings - Taxscan

The Central Board of Direct Taxes (CBDT) on Wednesday notified the constitution of the Boards for Advance Rulings and its Headquarters.

The government empowered under sub-section (1) of section 245-OB of the Income-tax Act, 1961 constituted the Boards for Advance Rulings along with its headquarters at the place for the purposes of giving advance rulings under Chapter XIX-B of the said Act on or after the 1st day of September, 2021.

The CBDT has notified the 3 Boards of Advance Ruling which has its two headquarters at Delhi and one at Mumbai.

The scheme of advance rulings was introduced by the Finance Act, 1993​. Chapter XIX-B of the Income-tax Act, which deals with advance rulings, came into force with effect from 1-6-1993. 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.

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