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of <h1>Clause 158: Tax Relief on Retirement Income for Indian Residents with Accounts in Notified Countries.</h1> Clause 158 of the Income Tax Bill, 2025, addresses tax relief on income from retirement benefit accounts in notified countries. It specifies that income accrued in such accounts by specified persons will be taxed in a given tax year. A 'notified country' is one designated by the Central Government. A 'specified account' refers to a retirement benefit account taxed by the notified country upon withdrawal, not on an accrual basis. A 'specified person' is an Indian resident who opened the account while being a non-resident in India and a resident in the notified country.
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