CBDT exempts certain class of persons from furnishing a return of income from Assessment Year 2019-20

Jul 29, 2019 | by Avantis RegTech Legal Research Team


The Central Board of Direct Taxes (CBDT) on July 26, 2019, has exempted the following class of persons, from the requirement of furnishing a return of income under section 139(1) of the Income Tax Act, 1961 from Assessment Year (AY) 2019-20 onwards.

The Class of persons, namely:

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

(ii)                a foreign company,

who have any income chargeable under the said Act during a previous-year from any investment in an investment fund set up in an International Financial Services Centre (IFSC) located in India.

Conditions:

In case of class of persons referred to in para 1:

(a)    any income-tax due on income of the said class of persons has been deducted at source and remitted to the Central Government by the investment fund at the tax-rate in force as per provisions of section 194LBB of the Income Tax Act, 1961; and

(b)   there is no other income during the previous year for which the said class of persons, is otherwise liable to file the tax-return.

The exemption from the requirement of furnishing a return of income shall not be available to the said class of persons where a notice under section 142(1) or section 148 or section 153A or section 153C of the Income Tax Act, 1961, has been issued for filing a return of income for the assessment year specified therein.

This Notification has come into force from July 26, 2019.

[Notification No. S.O. 2672(E)]


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