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News INCOME TAX

  • Oct 13, 2021
  • Income tax dept exempts certain non-residents, foreign investors from filing I-T returns. Check details

    The income tax department has exempted certain non-residents and foreign investors from filing Income Tax Return (ITR) from 2020-21 onwards, a move aimed at easing compliance burden.

    Through a notification, the Central Board of Direct Taxes (CBDT) said non-residents (corporates/ otherwise) who do not earn any income other than income from investment in 'specified fund', being Alternate Investment Fund Category III located in International Financial Services Centres (IFSC) or GIFT city shall not be required to file ITR.

    Further, eligible foreign investors (non-residents who operate in accordance with SEBI instructions), who during the financial year, have only transacted in capital asset like Global Depository Receipts, Rupee Denominated Bonds, derivatives or other notified securities, listed on recognised stock exchange in IFSC, have also been exempted from ITR filing.