Exemption to Non Resident and Foreign Company u/s 139(1) of Income Tax Act, 1961

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THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] Nप म' पंजीकरण माणप0 दान कया गया है और ितभूित एवं भारतीय िविनमय बोड5 अिधिनयम, 1992 (1992 का 15) के अंतग5त बनाए गए ितभूित एवं भारतीय िविनमय बोड5 ( वैकिपक िनवेश िनिध) िविनमय, 2012 के अंतग5त िविनगिमत कया गया है।
ख) ‘‘अHतरा5Iीय िवीय सेवा क' (’’ का वही अथ5 होगा जोक िवशेष आTथक Uे0 अिधिनयम, 2005 (2005 का 28) क धारा 2 के खंड (थ) म' िनधा5Vरत कया गया है।
2. शत$ 2. शत$ 2. शत$ 2. शत$- उपयु5 पैरा 1 म' संदTभत *िय के वग. के मामले म':-
(i) उ अिधिनयम क धारा 194 ठखख के ावधान के अनुसार लागू कर क दर पर, िनवेश िनिध ारा ऐसी आय पर कसी देय आयकर क Zोत पर कर कटौती क जाती है और क' ( सरकार को ेिषत क जाती है; और
(ii) िपछले वष5 के दौरान, ऐसी कोई आय नहD है िजसके िलए उपयु5 *िय के िविन1द2 वग. के िलए, अHयथा कर िववरणी फाइल करने के िलए दायी है।
3. उ वग5 के *िय को आयकर िववरणी ;तुत करने क आव=यकता से छूट ाK नहD होगी जहां उसम' िन1द2 िनधा5रण वष5 के िलए आय क िववरणी भरने के िलए उ अिधिनयम क धारा 142 क उपधारा (1) अथवा धारा 148 अथवा धारा 153क अथवा धारा 153ग के अHतग5त नोVटस जारी कया गया है।
4. यह अिधसूचना सरकारी राजप0 म' अपने काशन क तारीख से लागू होगी।
[फा. सं. 225/79/2019-आईटीए-II /अिधसूचना सं. 55/2019]
राजाराजे]री आर., अवर सिचव

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 26th July, 2019 S.O. 2672(E).—In exercise of the powers conferred by sub-section (1C) of section 139 of the Income- tax Act, 1961 (43 of 1961), the Central Government, hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub- section (1) of section 139 of the said Act from Assessment Year 2019-20 onwards, namely:- 1. Class of persons. - (i) a non-resident, not being a company; or (ii) a foreign company, who have any income chargeable under the said Act during a previous-year from any investment in an investment fund set up in an International Financial Services Centre (IFSC) located in India.
Explanation:- For the purposes of this paragraph.- (a) “investment fund” means any fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate which has been granted a certificate of registration as a Category I or Category II Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);

¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3 (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). 2. Conditions. - In case of class of persons referred to in para 1, -

(i) any income-tax due on income of the said class of persons has been deducted at source and remitted to the Central Government by the investment fund at the tax-rate in force as per provisions of section 194LBB of the said Act; and
(ii) there is no other income during the previous year for which the said class of persons, is otherwise liable to file the tax-return. 3. The exemption from the requirement of furnishing a return of income shall not be available to the said class of persons 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.
[F.No. 225/79/2019-ITA.II/Notification No. 55/2019] RAJARAJESWARI R., Under Secy.

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