Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 8 reasons why old tax regime is still attractive for many taxpayers in this income tax bracket
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season

Notification No. 119/2021 Central Board Of Direct Taxes
October, 13th 2021

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 11th October, 2021

S.O. 4207(E).—In exercise of the powers conferred by sub-section (1C) of section 139 of the
Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as „said Act‟), the Central Government, hereby
exempts the following class of persons mentioned in column (2) of the Table below, subject to the
conditions specified in column (3) of the said Table , from the requirement of furnishing a return of income
under sub-section (1) of section 139 of the said Act from assessment year 2021-2022 onwards :-
[भाग II—खण्ड 3(ii)] भारत का राजपत्र : असाधारण 3

TABLE

Sl. No. class of Persons conditions
(1)
1. (2) (3)

2 (i) a non-resident, not being a (i) The said class of persons does not earn any income in
company; or India, during the previous year, other than the income from
investment in the specified fund referred to in sub-clause (i)
(ii) a foreign company. 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‟).

a non-resident, being an (i) The said class of persons, during the previous year, has

eligible foreign investor. 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.

Explanation. -For the purposes of this Notification. -

(a) "eligible foreign investor" means a non-resident who operates in accordance with the Securities and
Exchange Board of India, circular IMD/HO/FPIC/CIR/P/2017/003 dated 04th January, 2017;

(b) “International Financial Services Centre” shall have the same meaning as assigned to it in clause (q)
of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);

(c) "recognised stock exchange" shall have the meaning as assigned to it in clause (ii) of Explanation 1 to
sub-section (5) of section 43 of the said Act.

3. The above exemption from the requirement of furnishing a return of income shall not be available
to the class of persons mentioned in the column (2) of the said Table where a notice under sub-section (1)
of section 142 or section 148 or section 153A or section 153C of the said Act has been issued for filing a
return of income for the assessment year specified therein.

4. This notification shall come into force from the date of its publication in the Official Gazette.

[Notification No. 119/2021/F. No. 225/76/2021-ITA.II]

RAVINDER MAINI, Director (ITA-II)

Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting