A new clause (d) has been introduced in Section 158BB(1A) that the income of certain assesses shall be considered disclosed income where return filing for them is not mandatory and the tax is deducted from such income. The incomes that shall be considered disclosed income under this provision shall be as follows:
- Where the total income of a non-resident or a foreign company consists only of incomes specified under Section 115A (i.e., interest, dividend, royalty, FTS.)
- Where the total income of an NRI consists only of income derived from foreign exchange assets or long-term capital gain arising from the transfer of such assets and is taxable under the special regime provided in Chapter XIIA (Section 115C to 115-I).
- The total income of a resident senior citizen consists of the pension income and interest income received or receivable from any account maintained in the bank responsible for tax deduction under Section 194P.