Section 31 - Insertion of new section 89A. - Finance Act, 2021

Insertion of new section 89A. 31. After section 89 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2022, namely: Relief from taxation in income from retirement benefit account maintained in a notified country. 89A. Where a specified person has income accrued in a specified account, such income shall be taxed in such manner and in such year as may be prescribed. Explanation . For the purposes of this section, (a) notified country means a country as may be notified by the Central Government in the Official Gazette for the purposes of this section; (b) specified account means an account maintained in a notified country by the specified person in respect of his retirement benefits and the income from such account is not taxable on accrual basis but is taxed by such country at the time of withdrawal or redemption; (c) specified person means a person resident in India who opened a specified account in a notified country while being non-resident in India and resident in that country. .