Section 245-O of ITA, 1961 : Section 245-O: Authority For Advance Rulings

Explanation using Example

Imagine a business owner, Mr. Sharma, who is planning to expand his company's operations internationally. Mr. Sharma wants to understand the tax implications of his proposed international transactions under the Income-tax Act, 1961, before he actually undertakes them. To get clarity, he decides to apply for an advance ruling.

He approaches the "Authority for Advance Rulings" (AAR) established under Section 245-O of the Income-tax Act, 1961, to seek a binding decision on the tax consequences of his planned activities. The AAR, which...

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