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<h1>Non-residents and eligible foreign investors exempt from filing income tax returns u/s 139(1) from AY 2021-2022.</h1> The Central Government has issued a notification exempting certain non-resident individuals, foreign companies, and eligible foreign investors from the requirement to furnish a return of income under section 139(1) of the Income-tax Act, 1961, for the assessment year 2021-2022 onwards. Non-residents not earning income in India, except from specified investments, and eligible foreign investors transacting only in specified capital assets listed on recognized stock exchanges in International Financial Services Centres, are covered. However, this exemption does not apply if a notice under sections 142(1), 148, 153A, or 153C has been issued. The notification is effective from its publication date.