What is the meaning of advance ruling?

Ans. Advance ruling means the determination of a question of law or fact specified in the application in relation to tax liability of an applicant arising out of transactions which have been undertaken or proposed to be undertaken.

The Finance Act, 2021 has provided that the Authority for Advance Rulings shall cease to operate with effect from such date, as may be notified by the Central Government in the Official Gazette. Later, the Central Government, vide Notification S.O. 3562(E), dated 01-9-2021, notified September 01, 2021 as the date effect from Authority for Advance Rulings shall cease to operate.​ ​