https://www.taxtmi.com/news?id=71833 Form 40 is the prescribed electronic form for a resident Indian to exercise the option under Section 159 of the Income Tax Act, 2025, read with Rule 74, to claim tax relief in respect of income accrued in a foreign retirement account maintained in a notified country. The option is intended to prevent double taxation by deferring taxation in India until withdrawal or redemption of the income in the foreign country. The option may be exercised only once, is irrevocable, and applies to all future years and all specified accounts. en-us Thu, 26 Mar 2026 17:00:38 +0530 Thu, 26 Mar 2026 17:00:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=71833 Form 40 is the prescribed electronic form for a resident Indian to exercise the option under Section 159 of the Income Tax Act, 2025, read with Rule 74, to claim tax relief in respect of income accrued in a foreign retirement account maintained in a notified country. The option is intended to prevent double taxation by deferring taxation in India until withdrawal or redemption of the income in the foreign country. The option may be exercised only once, is irrevocable, and applies to all future years and all specified accounts. News - Thu, 26 Mar 2026 17:00:38 +0530 https://www.taxtmi.com/news?id=71833