Relief from taxation in income from retirement benefit account maintained in a notified country
[As per the Income Tax Act, 2025 (this Act) w.e.f. 1st April, 2026.]
Section 158(1) of Income Tax Act 2025
(1) The income accrued in a specified account, maintained in a notified country by a specified person, shall be taxed in a tax year, as prescribed.
Section 158(2) of Income Tax Act 2025
(2) In this section,—
(a) “notified country” means a country as notified by the Central Government;
(b) “specified account” means an account maintained in a notified country by the specified person for his retirement benefits, which is taxed by that notified country at the time of withdrawal or redemption and, not on accrual basis;
(c) “specified person” means a person resident in India having opened a specified account in a notified country while being non-resident in India and resident in that country.