Clause 158 - Relief from taxation in income from retirement benefit account maintained in a notified country. - Income Tax Bill, 2025

Relief from taxation in income from retirement benefit account maintained in a notified country. 158. (1) The income accrued in a specified account, maintained in a notified country by a specified person, shall be taxed in a tax year, as prescribed. (2) In this section, (a) notified country means a country as notified by the Central Government; (b) specified account means an account maintained in a notified country by the specified person for his retirement benefits, which is taxed by that notified country at the time of withdrawal or redemption and, not on accrual basis; (c) specified person means a person resident in India having opened a specified account in a notified country while being non-resident in India and resident in that country.