CBDT exempts certain non-residents from furnishing ITR subject to fulfillment of conditions
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- Last Updated on 13 October, 2021
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Notification No. 119, dated 11-10-2021
The Central Board of Direct Taxes (CBDT) has exempt the following class of persons from the requirement of furnishing a return of income under section 139 if they satisfy prescribed conditions:
1. Non-resident or foreign company
A non-resident not being a company or a foreign company shall be exempt from furnishing ITR if the following conditions are prescribed during the previous year:
(a) The non-resident does not earn any income in India other than the income from investment in the specified fund referred to in section 10(4D)(c)(i);
(b) The provisions of section 139A do not apply to him subject to fulfillment of conditions mentioned in Rule 114AAB(1) of the Income-tax Rules, 1962; and
(c) He has not been issued a notice to file return of income under provisions of Section 142(1) or Section 148 or Section 153A or Section 153C.
2. Eligible Foreign Investor
A non-resident being an eligible foreign investor shall be exempt from furnishing ITR if the following conditions are prescribed during the previous year:
(a) The non-resident has made transactions only in capital assets referred to in section 47(viiab), which are listed on a recognized stock exchange located in any International Financial Services Centre (IFSC), and the consideration on transfer of such capital asset is paid or payable in foreign currency;
(b) The non-resident does not earn any income in India other than the income from the transfer of capital assets referred to in section 47(viiab); and
(c) The provisions of section 139A do not apply to him subject to fulfillment of the conditions mentioned in Rule 114AAB(2A) of the Income-tax Rules, 1962.
(d) He has not been issued a notice to file return of income under provisions of Section 142(1) or Section 148 or Section 153A or Section 153C.
The exemption from filing return of income is available to the above class of persons from Assessment Year 2021-22 onwards.
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