CBDT notifies ‘Board for Advance Rulings’ effective from 01-09-2021
- Blog|News|Income Tax|
- < 1 minute
- By Chetan Kulasri
- |
- Last Updated on 3 September, 2021
Latest from Taxmann
Notification No. 96/2021 & Notification No. 97/2021, dated 01-09-2021
The Finance Act, 2021 had amended the relevant provisions of the Income-tax Act to provide that the Authority for Advance Rulings (AAR) shall cease to operate with effect from such date, as may be notified by the Central Government in the Official Gazette.
Further, The Finance Act 2021 has also inserted a new Section 245-OB to empower the Central Government to constitute one or more Board for Advance Rulings for giving advance rulings on and after the notified date. Every such Board shall consist of two members, each being an officer not below the rank of Chief Commissioner.
The Central Board of Direct Taxes (CBDT) has notified that AAR shall cease to operate with effect from September 01, 2021. Further, the board has also constituted the Boards for Advance Rulings, having its headquarters at Delhi and Mumbai, to give advance rulings under Chapter XIX-B of the Act on or after 01-09-2021.
Click Here to Read the Full Circular
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
CA | CS | CMA
Thanks.|