Clarification regarding Notices of defective returns issued to FII/FPIs

Last updated: 11 December 2015

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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