Taxation of overseas retirement withdrawals: Central Government may prescribe year and manner of taxation to remove timing mismatch. A new Section 89A is proposed to permit the Central Government to prescribe the year and manner in which income of a specified person from a specified ... Summary
Taxation of overseas retirement withdrawals: Central Government may prescribe year and manner of taxation to remove timing mismatch.
A new Section 89A is proposed to permit the Central Government to prescribe the year and manner in which income of a specified person from a specified account is taxed, addressing mismatches where an overseas retirement account is taxed on withdrawal abroad but on accrual in India; "specified person", "specified account" and "notified country" are defined, and the amendment is to apply prospectively from the tax year beginning 1 April 2022.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.