M/s Rio Inc., a non-resident company entered into contract with an Indian company M/s ABC Ltd. for installation of plant and machineries. The amount…
CA Final · Direct Tax Laws and International Taxation · PYQS · September 2025
M/s Rio Inc., a non-resident company entered into contract with an Indian company M/s ABC Ltd. for installation of plant and machineries. The amount of contract is 125 crores. M/s Rio Inc. made an application to the Board for Advance Rulings for determination of rate of withholding tax on receipts from M/s. ABC Ltd. As a tax consultant, you are required to answer following questions: Can M/s Rio Inc. withdraw such application made to the Board for Advance Rulings?
Suggested Answer and Working Notes:
As per section 245Q (3) , M/s Rio Inc. can withdraw an application made to the Board for Advance Rulings within 30 days from the date of application.
Topics: Advance Rulings
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