Taxation of income from retirement benefit account maintained in a notified country

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.... total income of the tax year in which income from the said account or accounts is taxed upon withdrawal or redemption, as the case may be, in the notified country. (2) Where the option has been exercised by a specified person under sub-rule (1), the total income of the specified person for the tax year in which income is taxable under sub-rule (1) shall not include the income which, - ....

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....all the specified accounts maintained by the specified person; and (b) in Form No. 40, which shall be furnished on or before the due date specified under section 263(1)(c). (4) In a case where the specified person becomes a non-resident during any relevant tax year, then- (a) the option exercised under the sub-rule (1) shall be deemed to have never been exercised with effect f....