FII/FPIs returns will not be treated defective in certain cases

By | December 10, 2015

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 P&L 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 required under section 139(9)(f) of the Income-tax Act, if there is business income

All such cases, where the SEBI registration number has been provided by the FIIs/FPIs in the return for AY 2015-16 are being taken-up for processing at CPC Bengaluru. For previous assessment years where the above information is not available in the Income Tax Return, FII/FPI may provide such details in their online response on the e-filing portal of the Income-tax Department ( to the previously issued notice u/s 139(9) of the Income-tax Act.

Soruce : Press Release , Govt of India , Ministry of Finance,10-December, 2015

Leave a Reply