Section 115H of Income Tax Act for AY 2023-24

Section 115H of Income Tax Act amended by Finance Act & IT Rules. Benefit under Chapter XII-A available even after assessee becomes resident.

Amended and updated notes on section 115H of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to benefit under Chapter XII-A to be available in certain cases even after the assessee becomes resident.

Chapter XII-A (Sections 115C to 115-I) of the Income Tax Act 1961 deals with the provisions related to special provisions relating to certain incomes of non-residents. Section 115H of IT Act 1961-2023 provides for benefit under Chapter XII-A to be available in certain cases even after the assessee becomes resident.

Recently, we have discussed in detail section 115G (Return of income not to be filed in certain cases) of IT Act 1961. Today, we learn the provisions of section 115H of Income-tax Act 1961. The amended provision of section 115H is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 115H of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.

Section-115H: Benefit under Chapter to be available in certain cases even after the assessee becomes resident

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 income 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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