Till now the facility for obtaining Advance Ruling was available to non-residents and public sector undertakings.
"I propose to enable resident taxpayers to obtain an advance ruling in respect of their income tax liability above a defined threshold. I also propose to strengthen the Authority for Advance Rulings by constituting additional benches," he said in his Budget speech for 2014-15.
Similarly, in indirect taxes, the scheme of Advance Ruling has been expanded to cover resident private companies.
Tax demand of more than Rs 4 lakh crore is under dispute and litigation before various Courts and Appellate authorities. "This is one of the serious concerns of all taxpayers," he said.
The scope of the Income-Tax Settlement Commission would also be enlarged so that taxpayers may approach the Commission for settlement of disputes. This would continue to be once in a lifetime opportunity for any taxpayer.