The Central Board of Direct Taxes (CBDT) has notified the rules for taxation of income from retirement benefits accounts maintained in a notified country.
As per the notification, “where a specified person has income accrued in a specified account or accounts, during a previous year relevant to any 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.”
The notification said the specified person can exercise the option for any previous year relevant to the assessment year beginning on or after the 1st day of April 2022, which shall be in Form No. 10-EE and it shall be furnished electronically under digital signature or electronic verification code on or before the due date specified under subsection (1) of section 139 of the Act, for furnishing the return of income.
The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, shall specify the procedures, formats, and standards for ensuring secure capture and transmission of data and shall be responsible for evolving and implementing appropriate security, archival and retrieval policies in respect of Form No. 10-EE.
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Notification No. 24/2022
Date of Judgement : April 4,2022
