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CBDT: Eligibility For Resident Taxpayers To Approach AAR

Published on Tue, Dec 09,2014 | 13:11, Updated at Tue, Dec 09 at 13:11Source : 

As one of the measures to reduce tax litigation, the present Government in its maiden budget in July 2014 (Budget) had announced that the opportunity to seek advance rulings from the Authority for Advance Rulings (AAR) would also be available to the notified categories of resident taxpayers.
Initially, resident taxpayers could approach the AAR only to determine the tax liability of non-resident taxpayer/s with respect to a transaction which they entered into or proposed to enter into with such non-resident taxpayer/s. However, post this announcement, Indian resident taxpayers can approach the AAR to get a ruling determining their own tax liability with respect to a transaction that they undertake or propose to undertake.
It is in pursuance to this announcement that the Central Board of Direct Taxes has issued a notification to the effect that resident taxpayers who have undertaken or proposed to undertake one or more transactions valuing INR 100 crore or more in total, are eligible to approach the AAR for determination of their tax liabilities under such transaction/s.

Attachments : ResidentsapproachtheAARKCOERGONewsflash.pdf

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