Chartered Accountants, practicing CA’s, students and related industry professionals may connect with users of similar interests. To raise and discuss issues related to finance and taxation. The objective of this group is to address concerns and bring out feasible solutions for making a strong communication network for all related audience.
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION
Ministry of Finance (Department of Revenue) on 26th July 2019 had issued a notification no 55/2019 (Income Tax) by which the Central Government through Sec 139(1C) exempts certain class of persons from the requirement of furnishing a return under Sec 139 (1) of the Income Tax Act from AY 2019-20. Below are the class of persons exempted: –
- A non-resident, not being a company
- A foreign company
who have any income taxable under Income Tax Act during previous year from any investment in investment fund set up in an International Financial Services Centre (IFSC) located in India.
The exemption is however subject to conditions which are: –
- If the income tax due has been deducted at source and remitted to Central Government by investment fund as per the tax rate in force under Sec 194LBB, of exempted person.
- No other income during the previous year which is liable to be filed in tax return.
However, exemption of income return won’t be available to this persons where a notice under Sec 142(1), 148, 153A and 153C has been issued for filing income tax for the AY specified therein.