Retirement benefit account taxation option requires full disclosure of account details, foreign tax treatment, and prior income inclusion. Exercise of option for relief from taxation on income from a retirement benefit account maintained in a notified country requires Form No. 40 with full particulars of the specified person, specified accounts, tax year, account balance, taxation basis in the notified country, withdrawal year, nature of income, and amounts already included or exempted in earlier tax years. The option makes the accrued income includible in total income for the tax year in which it is taxed or taxable in the notified country at withdrawal or redemption, and once exercised it cannot be withdrawn and applies to subsequent years. Supporting statements, documentary evidence, and reconciliation details must be attached.