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TMI BlogIncome-tax (6th Amendment), Rules, 2022.X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 (hereafter referred to as the principal rules), after rule 21AA, the following rules shall be inserted, namely:- "21AAA. Taxation of income from retirement benefit account maintained in a notified country - (1) 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. (2) Where the option has been exercised by a specifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... preceding the relevant previous year, shall be taxable during the previous year immediately preceding the relevant previous year and tax shall be paid on or before the due date for furnishing the return of income for the relevant previous year. (5) The option to be exercised under sub-rule (1) by the specified person, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2022, 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in respect of which option is being exercised : yyyy - yyyy 5. Details of all the specified accounts maintained by the specified person S.No. Account number Name of Retirement Fund Name of notified Country < select from drop down> Balance as on last day of the financial year prior to the previous year for which this+ Form is being filled Year in which account opened < dd.mm.yyyy > (i) (ii) (iii) (iv) (v) (vi) Specify how the income from specified account is taxable in the notified country ($) < Select relevant code> Specify the previous year in which the income from specified account is eligible to be withdrawn (yyyy-yyyy) Nature of Income ($$) < Select relevant code > Amount of income from the specified ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that I am competent to make this declaration and furnish this statement. 2. I hereby declare that I have exercised the option as per paragraph 6 for all the specified accounts mentioned in paragraph 5. 3. I understand that the above option, once exercised for any previous year, cannot be subsequently withdrawn for the previous year for which option is exercised or any previous year subsequent to that previous year. Place: Date: Yours faithfully, Name………………………………… Address…………………….………… Note :- (i) Option once exercised in respect of a previous year, as specified ..... X X X X Extracts X X X X X X X X Extracts X X X X
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