Reduced Regulatory Compliance Burden to improve \u2018Ease of Doing Business\u2019 Initiative!<\/p>\n
A welcome move from the Government of India!<\/p>\n
The exemption from filing return of income is available to the following class of persons from Assessment Year 2021-22.<\/p>\n
CBDT exempts certain non-residents from furnishing ITR<\/p>\n
(Notification No. 119, dated 11-10-2021)<\/p>\n
The Central Board of Direct Taxes (CBDT) has exempted the following class of persons from the requirement of furnishing a return of income under section 139 if they satisfy prescribed conditions:<\/p>\n
1. A non-resident not being a company or a foreign company shall be exempted from furnishing ITR if the following conditions are prescribed during the previous year:<\/p>\n
(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);<\/p>\n
(b) The provisions of section 139A do not apply to them subject to fulfillment of conditions mentioned in Rule 114AAB (1) of the Income-tax Rules, 1962; and<\/p>\n
(c) Not been issued a notice to file a return of income under provisions of Section 142(1) or Section 148 or Section 153A or Section 153C.<\/p>\n
2. Eligible Foreign Investor<\/p>\n
A non-resident being an eligible foreign investor shall be exempted from furnishing ITR if the following conditions are prescribed during the previous year:<\/p>\n
(a) The non-resident has made transactions only in capital assets referred to in section 47(viiab), 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;<\/p>\n
(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<\/p>\n
(c) The provisions of section 139A do not apply to them subject to fulfillment of the conditions mentioned in Rule 114AAB(2A) of the Income-tax Rules, 1962.<\/p>\n
(d) Not been issued a notice to file the return of income under provisions of Section 142(1) or Section 148 or Section 153A or Section 153C.<\/p>\n
For more such insights on taxes, compliances and regulations, please write to us at:\u00a0info@krestonsgco.com or visit our website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Reduced Regulatory Compliance Burden to improve \u2018Ease of Doing Business\u2019 Initiative! A welcome move from the Government of India! The exemption from filing return of income is available to the following class of persons from Assessment Year 2021-22. CBDT exempts certain non-residents from furnishing ITR (Notification No. 119, dated 11-10-2021) The Central Board of Direct… Continue reading Reduced Regulatory Compliance Burden to improve \u2018Ease of Doing Business\u2019 Initiative!<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":31,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-30","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tbas","entry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.krestonsg.com\/blog\/wp-json\/wp\/v2\/posts\/30","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.krestonsg.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.krestonsg.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.krestonsg.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.krestonsg.com\/blog\/wp-json\/wp\/v2\/comments?post=30"}],"version-history":[{"count":2,"href":"https:\/\/www.krestonsg.com\/blog\/wp-json\/wp\/v2\/posts\/30\/revisions"}],"predecessor-version":[{"id":77,"href":"https:\/\/www.krestonsg.com\/blog\/wp-json\/wp\/v2\/posts\/30\/revisions\/77"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.krestonsg.com\/blog\/wp-json\/wp\/v2\/media\/31"}],"wp:attachment":[{"href":"https:\/\/www.krestonsg.com\/blog\/wp-json\/wp\/v2\/media?parent=30"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.krestonsg.com\/blog\/wp-json\/wp\/v2\/categories?post=30"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.krestonsg.com\/blog\/wp-json\/wp\/v2\/tags?post=30"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}