Wednesday, 09 June 2021 / Published in CBDT, Income Tax

Advance Ruling under Income Tax Act, 1961

The scheme of Advance Rulings was introduced in the Income Tax Act, 1961 by the Finance Act, 1993​. Chapter XIX-B of the Income-tax Act, which deals with advance rulings, came into force with effect from 01st June 1993. Under this scheme, the power of giving advance rulings has been delegated to an independent adjudicatory body