Canada, UK & Northern Ireland and USA notified countries for Foreign Retirement Benefits Accounts: CBDT
- News|Blog|Income Tax|
- < 1 minute
- By Taxmann
- |
- Last Updated on 6 April, 2022
Latest from Taxmann
Notification no. 25/2022, dated 04-04-2022
Section 89A provides relief to residents who have income from foreign retirement benefits accounts. It says that the income of a specified person from the specified account shall be taxed in the manner and in the year as prescribed by the Central Government. A specified person means a resident person who opened a specified account in a notified country while being a non-resident and resident in that country.
The Central Board of Direct Taxes (CBDT) has notified the following countries as ‘notified country’ for the purpose of section 89A:
a) Canada,
b) The United Kingdom of Great Britain and Northern Ireland, and
c) United States of America
Accordingly, the resident person, who had opened foreign retirement benefits accounts in the above three notified countries while being resident in that country, shall be eligible to claim the relief provided by section 89A. Section 89A read with Rule 21AAA, provides that if a specified person has accrued any income in the retirement benefits account, then the same shall be included in his total income of the previous year, in which such income is taxed in the country wherein such account is maintained.
However, to exercise this option, the specified person is required to e-file Form No. 10-EE on or before furnishing return of income.
Click Here To Read The Full Notification
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
