Clarification regarding Notices of defective returns issued to FII/FPIs

Notices of defective returns were issued under Section 139(9) of the Income-tax Act to Foreign Institutional Investors/Foreign Portfolio Investors (FIIs/FPIs) in cases where Balance Sheet and PL account were not filled. In order to overcome this difficulty, it is clarified that such returns will not be treated as defective in cases where the FIIs/FPIs: i) is registered with SEBI ii) has no Permanent Establishment/ Place of Business in India iii) has provided basic information

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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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