Query
Whether the basic exemption limit ( Rs.180000/-) is applicable to Non residents assessee's having only investment income & long term capital gains income as mentioned u/s 115 D (2) (a)
PART I --- Paragraph A --- Part I of the First Schedule of the Income Tax Act states
In the case of every individual other than the individual referrred to in item ( II ) ( III ) and (IV) of this paragraph or Hindu undivided family or association or body of individuals , whether incorporated or not , or every artificial judicial person referred to in sub- clause ( vii) of clause (31) of section 2 of the Income tax Act , not being a case to which any other Paragraphof this Part applies states that the basic exemption limit upto Rs.180000/-
The item ( II ) , ( III ) & ( IV ) refer to individual who are resident in India ( it is expressly provided ) . The mention of non - resident is no where mentioned . So does the basic exemption apply to non resident Assessees
CAclubindia
