Sunday , July 6, 2025 |   02:45:25 IST
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI
About Us Contact Us Newsletters
 
NEWS FLASH
 
TP - Mere non furnishing of information and documents in manner sought by AO cannot lead to automatic levy of penalty u/s 271G: ITAT (See Breaking News) TP- If other method is applied requiring price of uncontrolled transaction with or between non-AEs, provision of Sec 94B can't be imputed into it as it deals with transaction between two AEs: ITAT (See Breaking News) TP - Power of revision u/s 263 cannot be exercised where PCIT failed to demonstrate any non-application of mind or omission by AO that rendered assessment order erroneous: ITAT (See Breaking News) TP - TPO must provide opportunity to assessee to substantiate existence and nature of remibursement expenditure alongwith benefit of such expenditure to assessee: ITAT (See Breaking News) I-T - Reimbursement of client related expenses paid to wholly owned principal company abroad, are not subjected to withholding tax u/s 195: ITAT (See Breaking News) I-T- Expenses, incurred for the welfare of key managerial personnel, qualify as business expenses allowable u/s 37 of the I-T Act, 1961: ITAT (See Breaking News) TP - Amount of receivable from AE and non-AE does not decide credit period given to AE, and question of imputing interest arises only when assessee provides extra credit period to AE: ITAT (See Breaking News) TP - Once foreign travel expenses are included in cost base & recovered from AE with markup, they form part of operating expenses under APA: ITAT (See Breaking News) TP - Absence of segmental data for various streams of revenue calls for exclusion of comparable, if entity was having revenue from multiple service lines: ITAT (See Breaking News) TP - While drawing segmental details, TPO ought to consider revenue of segments and cost that was allocated to respective segments: ITAT (See Breaking News) I-T - DRP proceedings did not contain valid DIN and assessment order also does not contain DIN, then assessment order would be invalid: HC (See Breaking News) I-T- Once assessee had disputed stamp duty valuation & provides credible material including earlier departmental valuation, then AO is obligated under the third proviso to Section 56(2)(x) r/w Section 50C(2) to refer the matter to Valuation Officer: ITAT (See Breaking News) I-T - Consideration for Health Ecotox services did not qualify as FTS under India-Netherlands Tax Treaty, if ‘make available' clause is not satisfied: ITAT (See Breaking News) TP - Functional dissimilarities and impact of extraordinary events like amalgamations, calls for rejection of comparables for purposes of benchmarking: ITAT (See Breaking News) TP - Benchmarking of operating results from international transactions of rendering software development and related services to AEs as well as non-AEs by applying TNMM, can't be disregarded on account of lack of segmental reporting: ITAT (See Breaking News) DTAA - Fabrication charges for bushings were not taxable as FTS under Article 12(4)(a) of India-Singapore DTAA where no technical knowledge or expertise is made available or transferred: ITAT (See Breaking News) OECD to release Tax Inspectors Without Borders' 10-yr Report CBDT notifies Protocol amending India-Oman DTAA TP - Cognizance taken by AO u/s 92CA is invalid, if it has been omitted from statute itself: ITAT (See Breaking News) TP - Internal TNMM is more superior than external TNMM, more so when audited segmental are available: ITAT (See Breaking News) TP - Interest payable on NCDs whivh are denominated in Indian currency is to be benchmarked by applying PLR as against LIBOR: ITAT (See Breaking News)
 
TII SEARCH
 
 
   
Home >>
 

CBDT amends I-T Rules; inserts provisions for taxation of income from retirement benefit accounts maintained abroad
By TII News Service
Apr 04, 2022 , New Delhi

    

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB- SECTION (ii)]

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES
NEW DELHI

NOTIFICATION NO

24/2022, Dated: April 04, 2022

G.S.R. 256(E).- In exercise of the powers conferred by section 89A read with section 295 of the Incometax Act, 1961 (43 of 1961), the Central Board of Direct taxes hereby makes the following rules further to amend the Income-tax Rules,1962, namely:-

1. Short title and commencement:- (1) These rules may be called the Income-tax (6th Amendment), Rules, 2022.

(2) They shall come into force from the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), after rule 21AA, the following rules shall be inserted, namely:-

"21AAA. Taxation of income from retirement benefit account maintained in a notified country – (1) Where a specified person has income accrued in a specified account or accounts, during a previous year relevant to any assessment year beginning on or after the 1st day of April, 2022, such income shall, at the option of the specified person, be included in his total income of the previous year relevant to the assessment year in which income from the said specified account or accounts is taxed at the time of 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 previous year in which income is taxable under sub-rule (1) shall not include the income which,-

(a) has already been included in the total income of such specified person in any of the earlier previous years during which such income accrued and tax thereon has been paid in accordance with the provisions of the Act; or

(b) was not taxable in India, in the previous year during which such income accrued, on account of,-

(i) such specified person being a non-resident, or not ordinarily resident referred to in clause (6) of section 6, during that previous year; or

(ii) application of the Double Taxation Avoidance Agreement, if any,

and the foreign tax paid on such income, if any, shall be ignored for the purposes of computation of the foreign tax credit under rule 128.

(3) The option under sub-rule (1) shall be exercised by the specified person in respect of all the specified accounts maintained by the specified person.

(4) In a case where the specified person becomes a non-resident during any relevant previous year, then-

(i) the option exercised under sub-rule (1) shall be deemed to have never been exercised with effect from the relevant previous year; and

(ii) the income which has accrued in the specified account or accounts during the period, beginning with the previous year in respect of which the option under sub-rule (1) was exercised and ending with the previous year immediately preceding the relevant previous year, shall be taxable during the previous year immediately preceding the relevant previous year and tax shall be paid on or before the due date for furnishing the return of income for the relevant previous year.

(5) The option to be exercised under sub-rule (1) by the specified person, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2022, shall be in Form No. 10-EE and it shall be furnished electronically under digital signature or electronic verification code on or before the due date specified under subsection (1) of section 139 of the Act, for furnishing the return of income.

(6) Subject to the provisions of sub-rule (4), the option once exercised for a specified account or accounts in respect of a previous year under sub-rule (1) in Form No. 10- EE shall apply to all subsequent previous years and cannot be subsequently withdrawn for the previous year for which the option was exercised or any previous year subsequent to that previous year.

(7) The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall be responsible for evolving and implementing appropriate security, archival and retrieval policies in respect of Form No. 10-EE.

Explanation.- For the purposes of this rule,-

(i) "due date" shall have the meaning assigned to it in Explanation 2 to sub-section (1) of section 139 of the Act;

(ii) "notified country", "specified account" and "specified person" shall have the meaning assigned to them in the Explanation to section 89A of the Act;

(iii) "relevant previous year" shall mean the previous year during which the specified person becomes nonresident subsequent to the previous year in respect of which option under sub-rule (1) has been exercised.".

3. In the principal rules, in the Appendix-II, after Form No. 10E, the following form shall be inserted, namely :-

"FORM No. 10-EE

[See sub-rule (1) of rule 21AAA]

S. No.
 
 
1.
Name of the specified person
:
2.
PAN of specified person
:
3.
Address of specified person
:
4.
Previous year in respect of which option is being exercised
: yyyy - yyyy
5.
Details of all the specified accounts maintained by the specified person
 
S.No.

Account number

                   

 

Name of Retirement Fund
Name of notified Country < select from drop down>
Balance as on last day of the financial year prior to the previous year for which this Form is being filled
Year in which account opened <dd.mm.yyyy>
(i) (ii) (iii) (iv) (v) (vi)

Specify how the income from specified account is taxable in the notified country ($)

< Select relevant code>

Specify the previous year in which the income from specified account is eligible to be withdrawn

(yyyy-yyyy)

Nature of Income ($$) < Select relevant code>
Amount of income from the specified account which has already been included in the income of any earlier previous year during which such income accrued as referred to in -clause (a) of sub-rule (2). (in Rs)
(vii) (viii) (ix) (x)

Specify the previous year or years in which amount referred to in column (x) has been included

(yyyy-yyyy)

Amount of Income from the specified account which was not taxable in India due to reasons referred in clause (b) of sub-rule (2) of rule 21AAA (in Rs)

Specify the previous year or years in which amount referred to in column (xii) is exempt on account of the specified person being "non-resident" or "not ordinarily resident"

(yyyy-yyyy)

Whether return of income for the previous year referred to in column (xii) was furnished in India? Yes/No (If yes, please quote acknowledgement numer)
(xi) (xii) (xiii) (xiv)
 
6.
De tails of option being exercised -
 
The income accrued in specified accounts as specified in paragraph 5, shall be included in the total income for the previous year relevant to the assessment year in which income from the said specified account has been taxed or taxable in the notified country at the time of withdrawal or redemption
: Yes/No
 

Declaration

I, __________________________________________________________________ (Name in full and in block letters) son/daughter/wife of __________________________________________ do hereby declare that to the best of my knowledge and belief what is stated in the form above is correct and complete. I further declare that I am competent to make this declaration and furnish this statement.

2. I hereby declare that I have exercised the option as per paragraph 6 for all the specified accounts mentioned in paragraph 5.

3. I understand that the above option, once exercised for any previous year, cannot be subsequently withdrawn for the previous year for which option is exercised or any previous year subsequent to that previous year.

Place:
Date:

Yours faithfully,
Name…………………………………
Address…………………….…………

Note :-

(i) Option once exercised in respect of a previous year, as specified in paragraph 4, shall be applicable to all subsequent years, under sub-rule (6) of rule 21AAA.

(ii) ($) For column (vii) in paragraph 5, select the following codes:-

Code
 
1
Accrual basis
2
Receipt basis
3
Any other basis, specify

(iii) ($$) For column (ix) in paragraph 5 select the following codes:

Code
 
1
Salary
2
Interest
3
Dividend
4
Others, specify

(iv) Please attach a copy of statement of the specified account as an evidence of,-

(a) the account number of all the specified accounts;

(b) the notified country in which such account has been opened; and

(c) the balance in the specified account as on last date of the financial year prior to the previous year in which the present Form 10-EE is submitted.

(v) Please attach documentary evidence to show how the income from specified account has been taxed or is taxable in the notified country (relevant statutory provision of the notified country or any other relevant document may be attached).

(vi) Please attach the computation of income for all the previous years [as per column (x) of paragraph 5] in which the income from specified account has already been included in the total income. The computation has to be reconciled with the return of income for the said previous years. A reconciliation statement of the computation of income [as per column (x) of paragraph 5] has to be furnished along with the Form.".

[F. No. 370142/7/2022-TPL]

(Neha Sahay)
Under Secy.

Note:- Principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number S.O. 969, dated the 26th March, 1962 and was last amended vide notification number G.S.R 252 dated 1st April, 2022

 
 
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI TII
  • DTAA
  • Circulars (I-T Act, 1922)
  • Limited Treaties
  • Other Treaties
  • TIEAs
  • Notifications
  • Circulars
  • Relevant Sections of I-T Rules,1962
  • Instructions
  • Administrative Orders
  • DRP Panel
  • I-T Act, 1961
  • MLI
  • Relevant Portion of I-T Act,1922
  • GAAR
  • MAP
  • OECD Conventions
  • Draft Guidelines
  • DTC Bill
  • Committee Reports
  • FATCA
  • Intl-Taxation
  • Finance Acts
  • Manual on EoI
  • UN Model Taxation
  • Miscellaneous
  • Cost Inflation Index
  • Union Budget
  • Information Security Guidelines
  • APA Annual Report
  • APA Rules
  • Miscellaneous
  • Relevant Sections of Act
  • Instructions
  • Circulars
  • Notifications
  • Draft Notifications
  • Forms
  • TP Rules
  • APA FAQ
  • UN Manual on TP
  • Safe Harbour Rules
  • US Transfer Pricing
  • FEMA Act
  • Exchange Manual
  • Fema Notifications
  • Master Circulars
  • Press Notes
  • Rules
  • FDI Circulars
  • RBI Circulars
  • Reports
  • FDI Approved
  • RBI Other Notifications
  • FIPB Review
  • FEO Act
  • INTELLECTUAL PROPERTY
  • CBR Act
  • NBFC Report
  • Black Money Act
  • PMLA Instruction
  • PMLA Bill
  • FM Budget Speeches
  • Multimodal Transportation
  • Vienna Convention
  • EXIM Bank LoC
  • Manufacturing Policy
  • FTDR Act, 1992
  • White Paper on Black Money
  • Posting Policy
  • PMLA Cases
  • Transfer of Property
  • MCA Circular
  • Limitation Act
  • Type of Visa
  • SSAs
  • EPFO
  • Acts
  • FAQs
  • Rules
  • Guidelines
  • Tourist Visa
  • Notifications
  • Arbitration
  • Model Text
  • Agreements
  • Relevant Portion of I-T Act
  • I-T Rules, 1962
  • Circulars
  • MISC
  • Notification
  • About Us
  • Contact Us
  •  
     
    A Taxindiaonline Website. Copyright © 2010-2025 | Privacy Policy | Taxindiainternational.com Pvt. Ltd. OPC All rights reserved.