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of <h1>New Tax Rule: Include Income from Overseas Retirement Accounts in Total Income Upon Withdrawal Under Rule 21AAA</h1> Rule 21AAA of the Income Tax Rules, 1962, addresses the taxation of income from retirement benefit accounts maintained in notified countries. Starting from the assessment year beginning April 1, 2022, specified persons can opt to include income from such accounts in their total income for the year it is taxed upon withdrawal in the notified country. This option applies to all specified accounts and cannot be withdrawn for subsequent years once exercised. If the specified person becomes a non-resident, the option is voided, and accrued income becomes taxable in the preceding year. The option must be filed electronically using Form No. 10-EE.
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