What is the meaning of Return of income not to be filed in certain cases? What are the Benefit under Chapter to be available in certain cases even after the assessee becomes resident? Section 115G and 115H of Income Tax Act 1961

Return of income not to be filed in certain cases and Benefit under Chapter to be available in certain cases even after the assessee becomes resident are defined under sections 115G and 115H of Income Tax Act 1961. Provisions under these Sections are :

Section 115G of Income Tax Act "Return of income not to be filed in certain cases"

Section 115G. It shall not be necessary for a non-resident Indian to furnish under sub-section (1) of section 139 a return of his income if-
(a) his total income in respect of which he is assessable under this Act during the previous year consisted only of investment income or income by way of long-term capital gains or both; and

(b) the tax deductible at source under the provisions of Chapter XVII-B has been deducted from such income.

 

Section 115H of Income Tax Act "Benefit under Chapter to be available in certain cases even after the assessee becomes resident"

Section 115H. Where a person, who is a non-resident Indian in any previous year, becomes assessable as resident in India in respect of the total income of any subsequent year, he may furnish to the Assessing Officer a declaration in writing along with his return of income78 under section 139 for the assessment year for which he is so assessable, to the effect that the provisions of this Chapter shall continue to apply to him in relation to the investment income derived from any foreign exchange asset being an asset of the nature referred to in sub-clause (ii) or sub-clause (iii) or sub-clause (iv) or sub-clause (v) of clause (f) of section 115C; and if he does so, the provisions of this Chapter shall continue to apply to him in relation to such income for that assessment year and for every subsequent assessment year until the transfer or conversion (otherwise than by transfer) into money of such assets.

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