Income-tax (6th Amendment), Rules, 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. 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.

1. (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,—
   1. (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
   2. (b) was not taxable in India, in the previous year during which such income accrued, on account of,—
      1. (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
      2. (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.

1. (4) In a case where the specified person becomes a non-resident during any relevant previous year, then-
   1. (i) the option exercised under sub-rule (1) shall be deemed to have never been exercised with effect from the
   2. relevant previous year; and
   3. (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.

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Notification : https://www.dropbox.com/s/kb7l7p7eufikn5a/Income-tax%20%286th%20Amendment%29%2C%20Rules%2C%202022..pdf?dl=0