Sunday, February 15, 2015

'Advance Ruling’ facility extended to domestic tax-payers, too

Domestic tax-payers can now apply for an ‘Advance Ruling’ to understand tax liability on their transactions. The Central Board of Direct Taxes (CBDT) has enabled the facility, which till now was open only to Non-Resident Indians.

According to the norms, a resident can use the “Advance Ruling” facility in relation to tax liability
arising out of one or more transactions valued at 100 crore or more (in aggregate). Interestingly, there is no minimum threshold limit for transaction value if a non-resident were to use the advance ruling provision.

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