Meaning of Advance Ruling & Applicant [ Section 245N ]

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..... relation to a transaction which has been undertaken or is proposed to be undertaken by a NR applicant and such determination shall include the determination of any question of law or question of fact specified in the application. Non-resident referred to in a(i), (ii) A determination by the AAR in relation to the tax liabil .....

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..... rnment. [Centrral Government has notified that a resident can move application for Advance Ruling, in relation to his tax liability arising out of one or more transactions valuing ₹ 100 crore or more in total which have been undertaken or proposed to be undertaken] [vide Notification No. 73 dated 28th November, 2014] (iii) A determination by .....

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..... n the Official Gazette, specify in this behalf [ w.e.f. 01/04/2015] *AAR means Authority for Advance Ruling. Note:- In Union Budget 2017, the Government had decided to merge the Authority for Advance Ruling (AAR) for income-tax, central excise, custom duty and service tax. Hence, the meaning of applicant is expanded with effect from 1/4/2017 to include 1. .....

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..... 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 . Thus advance ruling under the Income Tax Act could be sought by:- a non-resident resident having .....

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