Non-residents, foreign investors exempted from filing IT returns: CBDT
The Central Government exempted a non-resident, not being a business; or a foreign company and non-resident, being an eligible foreign investor, subject to the requirements, in exercise of the powers provided by sub-section (1C) of section 139 of the Income-tax Act, 1961.
The non-resident, not being a company; or a foreign company is exempted on the condition that the said class of persons earned no income in India during the previous year, other than income from investment in the specified fund referred to in sub-clause I of clause (c) of Explanation to clause (4D) of section 10 of the said Act; and the provisions of section 139A of the said Act are not applicable to the said class of persons subject to fulfilment of the requisites.
The non-resident, as an eligible foreign investor, is exempt on the condition that during the previous year, the said class of persons transacted only in capital assets listed on a recognised stock exchange located in any International Financial Services Centre, and the consideration on transfer of such capital asset was paid or payable in foreign currency. Other than the revenue through the transfer of capital asset referred to in clause (viiab) of section 47 of the said Act, the said class of individuals did not earn any income in India during the previous year.
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