Budget 2024-25: Amendments in Sections 245Q and 245R related to Advance Rulings

The Budget 2024-25 introduced amendments to Sections 245Q and 245R related to advance rulings. Key changes include a reduction in the timeline for disposing of advance rulings applications from six months to three months, streamlining the process. Additionally, these amendments aim to enhance transparency and efficiency in tax dispute resolutions by incorporating digital procedures. The amendments also propose the establishment of a central database for advance rulings, accessible to taxpayers and authorities, to ensure consistency and clarity in tax interpretations. These measures are expected to improve taxpayer confidence and compliance by providing quicker and more reliable rulings.