Exemption of ITR filing to Non-resident individual and foreign company

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Non-resident individuals and foreign companies have now been given a compliance relief as part of the government’s efforts to attract more investment fund activity in the International Financial Services Centre (IFSC) located in India If below mentioned two conditions are satisfied.

1) Tax deducted at source on income of these class of person(from funds set up in the IFSC) deducted and remitted to the central goverment and
2)There should be no other income other than it.


However, the exemption from filing of return would not be available to these categories of persons where a notice under Section 142 (1)/148/153A/153C has been issued for filing a return of income.


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