Income Tax: Amendments proposed to sections 245Q and 245R allow ...

Budget: Pending applications before BAR can be withdrawn by Oct 31, 2024, if no order passed. BAR may reject by Dec 31, 2024. Effective Oct 1, 2024.

Notes Bill

July 28, 2024

Income Tax: Amendments proposed to sections 245Q and 245R allow applicants to withdraw pending applications before the Board for Advance Rulings (BAR) transferred from erstwhile Authority for Advance Rulings (AAR) by October 31, 2024, where no order u/s 245R(2) has been passed. BAR may reject such withdrawn applications by December 31, 2024. This addresses concerns of applicants regarding non-binding rulings, substantial time lapse, and commercial reasons for withdrawal. The amendment takes effect from October 1, 2024.

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Income Tax: Amendments proposed to sections 245Q and 245R allow ...

Budget: Pending applications before BAR can be withdrawn by Oct 31, 2024, if no order passed. BAR may reject by Dec 31, 2024. Effective Oct 1, 2024.

Notes Bill

July 28, 2024

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