TMI BlogTaxation of income from retirement benefit account maintained in a notified countryX X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year beginning on or after the 1st day of April, 2022, such income shall, at the option of the specified person, be included in his total income of the previous year relevant to the assessment year in which income from the said specified account or accounts is taxed at the time of withdrawal or redemption, as the case may be, in the notified country. (2) Where the option has been ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall be ignored for the purposes of computation of the foreign tax credit under rule 128. (3) The option under sub-rule (1) shall be exercised by the specified person in respect of all the specified accounts maintained by the specified person. (4) In a case where the specified person becomes a non-resident during any relevant previous year, then- (i) the option exercised under sub-rule (1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e furnished electronically under digital signature or electronic verification code on or before the due date specified under sub-section (1) of section 139 of the Act, for furnishing the return of income. (6) Subject to the provisions of sub-rule (4), the option once exercised for a specified account or accounts in respect of a previous year under sub-rule (1) in Form No. 10- EE shall apply to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the meaning assigned to them in the Explanation to section 89A of the Act; (iii) relevant previous year shall mean the previous year during which the specified person becomes nonresident subsequent to the previous year in respect of which option under sub-rule (1) has been exercised. ] ************** NOTES:- 1. Inserted vide NOTIFICATION NO. 24/2022 dated 04-04-2022 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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