Part DCA - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head (From Rule 10TI to Rule 10TIC)
Retirement benefit account taxation allows deferred inclusion of foreign income, with one-time electronic option and non-resident transition rules. Income accruing in a specified retirement benefit account maintained in a notified country may, at the option of the specified person, be taxed in the year of withdrawal or redemption in the notified country. The option must cover all specified accounts, be filed electronically in Form No. 10-EE by the due date, and continues for subsequent years unless the person becomes non-resident, in which case it is treated as never having been exercised from that year. The rule also excludes income already taxed or not taxable in India when accrued, and disregards foreign tax paid for foreign tax credit computation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Retirement benefit account taxation allows deferred inclusion of foreign income, with one-time electronic option and non-resident transition rules.
Income accruing in a specified retirement benefit account maintained in a notified country may, at the option of the specified person, be taxed in the year of withdrawal or redemption in the notified country. The option must cover all specified accounts, be filed electronically in Form No. 10-EE by the due date, and continues for subsequent years unless the person becomes non-resident, in which case it is treated as never having been exercised from that year. The rule also excludes income already taxed or not taxable in India when accrued, and disregards foreign tax paid for foreign tax credit computation.
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