CBDT exempts certain persons from requirement of furnishing return of Income

Sl. No.

Conditions

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(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 being a trust or a company or a limited liability partnership or a body corporate as referred to in sub-clause (i) of clause (c) of Explanation to clause (4D) of section 10 of the Act; and

(ii) The provisions of requirement of PAN is 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 (“the IT Rules”)

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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 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 Act; and

(iii) The provisions of requirement of PAN is not applicable to the said class of persons subject to fulfillment of the conditions mentioned in sub-rule (2A) of rule 114AAB of the IT Rules.