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What are Advance Rulings Definitions? What is Authority for Advance Rulings? Section 245N and 245O of Income Tax Act 1961

Advance Rulings Definitions Authority for Advance Rulings are defined under section 245N and 245O of Income Tax Act 1961. Provisions under these Sections are:

Section 245N of Income Tax Act "Advance Rulings Definitions"

Section 245N. In this Chapter, unless the context otherwise requires,-
(a) "advance ruling" means-

(i) a determination by the Authority in relation to a transaction which has been undertaken or is proposed to be undertaken by a non-resident applicant; or

(ii) a determination by the Authority in relation to the tax liability of a non-resident arising out of a transaction which has been undertaken or is proposed to be undertaken by a resident applicant with such non-resident; [or]
[(iia) a determination by the Authority in relation to the tax liability of a resident applicant, arising out of a transaction which has been undertaken or is proposed to be undertaken by such applicant,]
and such determination shall include the determination of any question of law or of fact specified in the application;

 

(iii) a determination or decision by the Authority in respect of an issue relating to computation of total income which is pending before any income-tax authority or the Appellate Tribunal and such determination or decision shall include the determination or decision of any question of law or of fact relating to such computation of total income specified in the application;

7[(iv) a determination or decision by the Authority whether an arrangement, which is proposed to be undertaken by any person being a resident or a non-resident, is an impermissible avoidance arrangement as referred to in Chapter X-A or not:]

Provided that where an advance ruling has been pronounced, before the date on which the Finance Act, 2003 receives the assent of the President, by the Authority in respect of an application by a resident applicant referred to in sub-clause (ii) of this clause as it stood immediately before such date, such ruling shall be binding on the persons specified in section 245S;]

(b) "applicant" means any person who-

(i) is a non-resident referred to in sub-clause (i) of clause (a); or

(ii) is a resident referred to in sub-clause (ii) of clause (a); or

[(iia) is a resident referred to in sub-clause (iia) of clause (a) falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette, specify; or]

(iii) is a resident falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette, specify in this behalf; [or]]

[(iiia) is referred to in sub-clause (iv) of clause (a); and]

(iv) makes an application under sub-section (1) of section 245Q;

(c) "application" means an application made to the Authority under sub-section (1) of section 245Q;

(d) "Authority" means the Authority for Advance Rulings constituted under section 245-O;

(e) "Chairman" means the Chairman of the Authority;

[(f) "Member" means a Member of the Authority and includes the Chairman and Vice-chairman;

(g) "Vice-chairman" means the Vice-chairman of the Authority.]

Section 245O of Income Tax Act "Authority for Advance Rulings"

Section 245-O. (1) The Central Government shall constitute an Authority for giving advance rulings, to be known as "Authority for Advance Rulings".

[(2) The Authority shall consist of a Chairman and such number of Vice-chairmen, revenue Members and law Members as the Central Government may, by notification, appoint.

(3) A person shall be qualified for appointment as-
(a) Chairman, who has been a Judge of the Supreme Court;
(b) Vice-chairman, who has been Judge of a High Court;
(c) a revenue Member from the Indian Revenue Service, who is a Principal Chief Commissioner or Principal Director General or Chief Commissioner or Director General;

(d) a law Member from the Indian Legal Service, who is, or is qualified to be, an Additional Secretary to the Government of India.

(4) The terms and conditions of service and the salaries and allowances payable to the Members shall be such as may be prescribed.

(5) The Central Government shall provide to the Authority with such officers and employees, as may be necessary, for the efficient discharge of the functions of the Authority under this Act.

(6) The powers and functions of the Authority may be discharged by its Benches as may be constituted by the Chairman from amongst the Members thereof.

(7) A Bench shall consist of the Chairman or the Vice-chairman and one revenue Member and one law Member.

(8) The Authority shall be located in the National Capital Territory of Delhi and its Benches shall be located at such places as the Central Government may, by notification specify.

Income Tax Act 1961

What is Power of Settlement Commission to reopen completed proceedings? What are Powers and procedure of Settlement Commission? Section 245E and 245F of Income Tax Act 1961

What is Inspection, etc., of reports? What is Power of Settlement Commission to grant immunity from prosecution and penalty? Section 245G and 245H of Income Tax Act 1961

What is Abatement of proceeding before Settlement Commission? What is Credit for tax paid in case of abatement of proceedings? Section 245HA and 245HAA of Income Tax Act 1961

What is Order of settlement to be conclusive? What is Recovery of sums due under order of settlement? Section 245I and 245J of Income Tax Act 1961

What is Bar on subsequent application for settlement? What is the meaning of Proceedings before Settlement Commission to be judicial proceedings? Section 245K and 245L of Income Tax Act 1961

What are Advance Rulings Definitions? What is Authority for Advance Rulings? Section 245N and 245O of Income Tax Act 1961

What is the meaning of Vacancies, etc., not to invalidate proceedings? How to file Application for advance ruling? What is Procedure on receipt of application? Section 245P, 245Q and 245R of Income Tax Act 1961

What is the meaning Appellate authority not to proceed in certain cases? What is Applicability of advance ruling? What is the meaning of Advance ruling to be void in certain circumstances? Section 245RR, 245S and 245T of Income Tax Act 1961

What are the Powers of the Authority? What is Procedure of Authority? Section 245U and 245V of Income Tax Act 1961

What are the Appealable orders? What are Appealable orders before Commissioner (Appeals)? Section 246 and 246A of Income Tax Act 1961

What is Appeal by a person denying liability to deduct tax in certain cases? What is the Form of appeal and limitation? What is the Procedure in appeal? Section 248, 249 and 250 of Income Tax Act 1961

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