Quick Summary
The Central Board of Direct Taxes has released the Income-tax (14th Amendment) Rules, 2021 in order to further amend the Income-tax Rules, 1962 under whichconditions havebeen specified wherein an eligible foreign investor is not required to quote Aadhaar/Enrollment ID for filing of an ITR u/s 139A.
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FAQ :
Eligible foreign investors who transact only in specific capital assets listed on recognised stock exchanges in an International Financial Services Centre, with consideration paid in foreign currency, are exempt.
The investor must not earn any income in India other than from the specified capital asset transfer. They must also provide their name, email, contact number, foreign address, a declaration of foreign residency, and their Tax Identification Number (or equivalent unique identifier) to their stockbroker.
They must provide their name, email ID, contact number, address in their country of residence, a declaration stating they are a resident outside India, and their Tax Identification Number or a unique identification number from their country of residence.
The stockbroker must furnish a quarterly statement (Form No. 49BA) to the Principal Director General of Income-tax (Systems) or equivalent, electronically, within fifteen days of the quarter's end.
These rules, known as the Income-tax (14th Amendment) Rules, 2021, come into effect from the date of their publication in the Official Gazette.
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