CBDT conditionally exempts certain non-residents from furnishing ITR

Sr. No.

Class of Person

Conditions

1

(i)  a  non-resident,  not  being  a company; or

(ii) a foreign company

(i)   The  said  class  of  persons  does  not  earn  any  income  in India,  during the previous  year,  other  than the 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

(ii)  The  provisions  of  section  139A  of  the  said  Act  are  not applicable  to  the  said  class  of  persons subject  to  fulfillment of  the  conditions  mentioned  in  sub-rule  (1)  of  rule  114AAB of  the  Income-tax  Rules,  1962  (hereinafter  referred  to  as “said rules‟)

2

a    non-resident being    an eligible foreign investor

(i)  The  said  class  of  persons,  during  the  previous  year,  has made  transaction  only  in  capital  asset  referred  to  in  clause (viiab)  of  section  47  of  the  said  Act,which  are  listed on  a recognised   stock   exchange   located   in   any   International Financial Services Centre and the consideration on transfer of such capital asset is paid or payable in foreign currency;

(ii)  The said  class  of  persons  does  not  earn  any  income  in India,  during  the  previous  year,  other  than  the  income  from transfer of capital asset referred to in clause (viiab) of section 47 of the said Act; and

(iii)   The provisions  of  section  139A  of the  said  Act are  not applicable  to  the  said  class  of  persons  subject  to  fulfillment of the conditions mentioned in sub-rule (2A) of rule 114AAB of the said rules