CURRENT AFFAIRS

Detailed explanation-1: -NEW DELHI: The Central Board of Direct Taxes has set up three Boards for Advance Rulings (BAR) to offer clarity on tax implications of transactions and to help avoid income tax disputes.

Detailed explanation-2: -It is proposed that the Central Government shall constitute one or more Board for Advance Rulings for giving advance rulings under the said Chapter 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.

Detailed explanation-3: -If the application is admitted, the AAR shall pronounce its ruling within ninety days of receipt of application. Before giving its ruling, it shall examine the application and any further material furnished by the applicant or by the concerned departmental officer.

Detailed explanation-4: -Any appeal must be filed within thirty days from the date on which the advance ruling is communicated to the concerned officer, the jurisdictional officer and applicant. The Appellate Authority must pass an order after hearing the parties to the appeal within a period of ninety days of the filing of an appeal.

Detailed explanation-5: -NEW DELHI : The Central Board of Direct Taxes (CBDT) has set up three Boards for Advance Rulings (BAR) to offer greater clarity on tax implications of transactions, which in turn will help avoid income tax disputes.