Rule 157 exempts two groups of non-residents from obtaining a Permanent Account Number — those whose only Indian income is from investment in a specified fund, and eligible foreign investors trading only in specified IFSC-listed assets — on conditions about tax deduction, declarations and quarterly statements in Form No. 92.
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Rules 2026 · Rule 157
Persons exempt from obtaining Permanent Account Number under section 262
Rules 131-200
Specified fund investors (sub-rules 1 and 2). Section 262 does not apply to a non-resident (not a company or foreign company) who invested in a specified fund in the tax year if (a) the only income he earns in India in the year is from that investment; (b) the tax due is deducted at source and remitted by the fund at the rates in section 393(1) [Table: Sl. No. 4(iii)], 393(2) [Table: Sl. No. 8] and 393(4) [Table: Sl. No. 14]; and (c) he gives the fund his name, e-mail id and contact number, his address abroad, a declaration that he is resident of a country or specified territory outside India, and his Tax Identification Number there (or, if none, a unique number by which his government identifies him). The fund furnishes a quarterly statement in Form No. 92 electronically to the Director General of Income-tax (Systems) (or a person authorised) for the quarter in which it receives these details, and uploads the residency declaration within fifteen days from the end of that quarter.
Eligible foreign investors in IFSC-listed assets (sub-rules 3 and 4). Section 262 does not apply to a non-resident eligible foreign investor who transacts only in capital assets referred to in section 70(1)(r) listed on a recognised stock exchange in an International Financial Services Centre, where the consideration is paid or payable in foreign currency, if the investor earns no other income in India and gives the stock broker the same details and declaration. The stock broker furnishes the quarterly statement in Form No. 92 and uploads the declaration within fifteen days from the end of that quarter.
Definitions (sub-rule 5). An "eligible foreign investor" is a non-resident who operates in accordance with the SEBI circular IMD/HO/FPIC/CIR/P/2017/003 dated 4 January 2017; a "stock broker" is a person with trading rights in a recognised stock exchange in an International Financial Services Centre and a member of it; "specified fund" is as in Schedule VI [Note (1)(g)].