The Central Board of Direct Taxes vide its notification dated 4th May 2021 has published the Income-tax (14th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962.
The Amendment is brought under rule 114AAB which specifies the classes or classes of person to whom provisions of section 139A shall not apply.
The provisions of section 139A (Permanent Account Number) shall not apply to a non-resident, being an eligible foreign investor, who has made transaction only in a capital asset which are listed on a recognised stock exchange and the consideration on transfer of such capital asset is paid or payable in foreign currency, if the following conditions are fulfilled, namely:—
- the eligible foreign investor does not earn any income in India, other than the income from transfer of a capital asset
- the eligible foreign investor shall furnish name, email, contact and other basic deails and documents to the stock broker through which the transaction is made.
The stock broker shall furnish a quarterly statement for the quarter of the financial year, in Form No.49BA to the Principal Director General of Income-tax, electronically and upload the declaration within 15 days from the end of the quarter of the financial year to which such statement relates in accordance with the procedures, formats and standards specified by the Principal Director General of Income-tax.