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Section31
The Finance Act, 2021

Insertion of new section 89A

In force As on 09 Oct 2026

Ministry Finance Cited by 1 provision

Section 31 of the Finance Act, 2021 deals with insertion of new section 89A. 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.

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.'.
Section 31, The Finance Act, 2021.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Income-tax Act s. 89 Relief when salary, etc., is paid in arrears or in advance

Referred to by 1

  1. s. First Schedule First Schedule

Questions about Section 31

What does Section 31 of the Finance Act deal with?

Section 31 of the Finance Act is headed "Insertion of new section 89A". 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.

How do I find court cases under Section 31 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2021 31, section 31 Finance Act 2021, section 31 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 31 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 89 (Relief when salary, etc., is paid in arrears or in advance), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2021. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.