Relief from taxation in income from retirement benefit account maintained in a notified country
(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.
(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.