{"act":{"id":"finance-act-2021","short_title":"The Finance Act, 2021","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.","act_number":null,"act_year":2021,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":180,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2021/"},"unit":"section","section":{"number":"31","heading":"Insertion of new section 89A","text":"Insertion of new section 89A. 31. After section 89 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2022, namely:— '89A. Relief from taxation in income from retirement benefit account maintained in a notified country.—Where a specified person has income accrued in a specified account, such income shall be taxed in such manner and in such year as may be prescribed. Explanation.—For the purposes of this section,— (a) | \"notified country\" means a country as may be notified by the Central Government in the Official Gazette for the purposes of this section; (b) | \"specified account\" means an account maintained in a notified country by the specified person in respect of his retirement benefits and the income from such account is not taxable on accrual basis but is taxed by such country at the time of withdrawal or redemption; (c) | \"specified person\" means a person resident in India who opened a specified account in a notified country while being non-resident in India and resident in that country.'.","html":"<p><b>Insertion of new section 89A.</b></p><p><b>31.</b> After section 89 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2022, namely:—</p><p>'89A. <i>Relief from taxation in income from retirement benefit account maintained in a notified country.</i>—Where a specified person has income accrued in a specified account, such income shall be taxed in such manner and in such year as may be prescribed.</p><p><i>Explanation</i>.—For the purposes of this section,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>\"notified country\" means a country as may be notified by the Central Government in the Official Gazette for the purposes of this section;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>\"specified account\" means an account maintained in a notified country by the specified person in respect of his retirement benefits and the income from such account is not taxable on accrual basis but is taxed by such country at the time of withdrawal or redemption;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>\"specified person\" means a person resident in India who opened a specified account in a notified country while being non-resident in India and resident in that country.'.</td></tr></table></div>","words":177,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/31/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}