IT returns of FII, FPI to be processed on certain conditions

New Delhi, Dec 10 (IANS) The central government on Thursday clarified the income tax returns filed by foreign institutional investors (FII) and foreign portfolio investors (FPI) will be processed on certain conditions even if the balance sheet and profit/loss account are not filled.

In a statement issued here, the union finance ministry said notices of defective returns were issued to FIIs and FPIs where balance sheet and profit and loss account were not filled, but such returns will not be treated as defective in cases where the FII and FPI is registered with Securities and Exchange Board of India (SEBI); has no permanent establishment or place of business in India and has provided basis information needed under section 139 (9)(f) of the Income Tax Act if there is a business income.

In all cases where the SEBI registration number is provided, the returns for assessment year 2015-16 are being taken up for processing.

For previous assessment years where the above information is not available in the tax return, FII/FPI may provide such details in their online response on the e-filing portal of the Income Tax department (www.incometaxindiaefiling.gov.in) to the previously issued notice under section 139(9).

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