{"id":265090,"date":"2022-04-06T11:30:59","date_gmt":"2022-04-06T06:00:59","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=265090"},"modified":"2022-04-06T10:58:54","modified_gmt":"2022-04-06T05:28:54","slug":"taxes-imposed-on-retirement-benefits-of-specified-persons-vide-income-tax-6th-amendment-rules-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/06\/taxes-imposed-on-retirement-benefits-of-specified-persons-vide-income-tax-6th-amendment-rules-2022\/","title":{"rendered":"Taxes imposed on Retirement Benefits of Specified Persons vide Income-tax (6th Amendment), Rules, 2022"},"content":{"rendered":"<p style=\"text-align: justify;\">On 4<sup>th<\/sup> April, 2022, Central Board of Direct Taxes notified amendment to Income Tax Rules,1961 through <strong><u>Income-tax (6<sup>th<\/sup> Amendment), Rules, 2022<\/u><\/strong>. This amendment aims to <strong>tax incomes from retirement benefit account <\/strong>from<strong> 1<sup>st<\/sup> April, 2022<\/strong>.<\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><u>Key Points:<\/u><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>Rule 21-AAA<\/strong> has been inserted in <strong>Income Tax Rules, 1961<\/strong> to tax the monetary benefits earned by people under retirement schemes. This will be applicable to \u201cspecified\u201d individuals who have earned income during previous year.<\/li>\n<li>The assessment year can be that relevant year in which income from specified account or accounts will be taxed at the time of withdrawal or redemption.<\/li>\n<li>This is made available at the option of the \u201c<strong>specified<\/strong>\u201d person under <strong>Sub-rule (1)<\/strong> of Income Tax Rules. Scope of \u201cSpecified Persons\u201d is according to <strong> 89-A<\/strong> of the <strong>Income tax Act, 1962<\/strong>.<\/li>\n<li>The total income of the specified will not include income which-<\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\">(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.<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">(b) was not taxable in India, in the previous year during which such income accrued, on account of,\u2014<\/p>\n<p style=\"text-align: justify; padding-left: 80px;\">(i) such specified person being a non-resident, or not ordinarily resident referred to in clause (6) of Section 6, during that previous year<\/p>\n<p style=\"text-align: justify; padding-left: 80px;\">(ii) application of the Double Taxation Avoidance Agreement<\/p>\n<ul>\n<li style=\"text-align: justify;\">When specified person is non-resident, the income accrued in the specified account will be taxed in accordance of previous assessment year and will be paid off before filing returns.<\/li>\n<li style=\"text-align: justify;\">When a person who has earned income through specified account (<strong> 89-A <\/strong>of<strong> Income Tax Act, 1961<\/strong>) for retirement benefits maintained in notified country. These notified countries are those which are notified by Central Government. Recently <strong>Canada, United Kingdom of Great Britain and Northern Ireland, United States of America<\/strong> were added to list of notified countries in <strong>Sec. 89-A<\/strong> of Income Tax Act from <strong>4<sup>th<\/sup> April, 2022<\/strong>.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h4><span style=\"color: #000080;\">*Shubhi Srivastava, Editorial Assistant has reported this brief.<\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>On 4th April, 2022, Central Board of Direct Taxes notified amendment to Income Tax Rules,1961 through Income-tax (6th Amendment), Rules, 2022. This <\/p>\n","protected":false},"author":121,"featured_media":253009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-265090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Taxes imposed on Retirement Benefits of Specified Persons vide Income-tax (6th Amendment), Rules, 2022 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/06\/taxes-imposed-on-retirement-benefits-of-specified-persons-vide-income-tax-6th-amendment-rules-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taxes imposed on Retirement Benefits of Specified Persons vide Income-tax (6th Amendment), Rules, 2022\" \/>\n<meta property=\"og:description\" content=\"On 4th April, 2022, Central Board of Direct Taxes notified amendment to Income Tax Rules,1961 through Income-tax (6th Amendment), Rules, 2022. 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Tax (7th Amendment) Rules, 2022","author":"Prachi Bhardwaj","date":"April 6, 2022","format":false,"excerpt":"On 5th April, 2022, Ministry of Finance notified Income Tax (7th Amendment) Rules, 2022. The Central Board of Direct Taxes (CBDT) with the new financial year aims to bring more transparency in tax payments and returns by reducing disputes between officials \/authorities and taxpayers. These rules will be made applicable\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":380009,"url":"https:\/\/www.scconline.com\/blog\/post\/2026\/04\/02\/cbdt-notified-income-tax-amendment-rules-2026\/","url_meta":{"origin":265090,"position":1},"title":"CBDT Notifies GAAR Clarifications Under Income-tax (Amendment) Rules, 2026","author":"Shubhi","date":"April 2, 2026","format":false,"excerpt":"Finance Ministry has notified the Income-tax (Amendment) Rules, 2026, clarifying GAAR exclusion for pre-April 2017 investments.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Income-tax (Amendment) Rules","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/Income-tax-Amendment-Rules.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/Income-tax-Amendment-Rules.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/Income-tax-Amendment-Rules.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/Income-tax-Amendment-Rules.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":266580,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/07\/incomes-exempted-from-total-incomes-modified-vide-income-tax-amendment-13th-amendment-rules-2022\/","url_meta":{"origin":265090,"position":2},"title":"Incomes exempted from Total Incomes modified vide Income-tax Amendment (13th Amendment) Rules, 2022","author":"Prachi Bhardwaj","date":"May 7, 2022","format":false,"excerpt":"On 6th May, 2022, Ministry of Finance amended Income Tax Rules, 1962 by Income-tax Amendment (13th Amendment) Rules, 2022 which will come into force with immediate effect. \u00a0 Key Features: For the purpose of valuation of total income Section 10 of Income Tax Act, 1961 defines those incomes that are\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":253569,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/02\/cbdt-calculation-of-taxable-interest-relating-to-provident-fund-transactions-prescribed-vide-income-tax-25th-amendment-rules-2021\/","url_meta":{"origin":265090,"position":3},"title":"CBDT | Calculation of taxable interest relating to provident fund transactions prescribed vide Income Tax (25th Amendment) Rules, 2021","author":"Prachi Bhardwaj","date":"September 2, 2021","format":false,"excerpt":"The Central Board of Direct Taxes has passed Income Tax (25th Amendment) Rules, 2021 on August 31, 2021. The Income Tax (25th Amendment) Rules, 2021 shall come into force on April 1, 2022. The Amendment inserts Rule 9D prescribing calculation of taxable interest relating to contribution in a provident fund,\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"CBDT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":266261,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/01\/legislations-monthly-roundup-april-2022\/","url_meta":{"origin":265090,"position":4},"title":"Legislations | Monthly RoundUp [April, 2022]","author":"Bhumika Indulia","date":"May 1, 2022","format":false,"excerpt":"MINISTRY OF AYUSH Drugs (4th Amendment) Rules, 2022 On April 04, 2022, the Central Government has notified the Drugs (4th Amendment) Rules, 2022 to further amend the Drugs Rules, 1945. This has come into force on April 4, 2022. READ MORE HERE MINISTRY OF CORPORATE AFFAIRS Nidhi (Amendment) Rules, 2022\u2026","rel":"","context":"In &quot;Legal RoundUp&quot;","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":247857,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/05\/income-tax-15th-amendment-rules-2021\/","url_meta":{"origin":265090,"position":5},"title":"Income tax (15th Amendment), Rules, 2021","author":"Bhumika Indulia","date":"May 5, 2021","format":false,"excerpt":"The Central Board of Direct taxes makes Income tax (15th Amendment), Rules, 2021 to amend the Income-tax Rules,1962. In the Income-tax Rules, 1962, in rule 2B relating to Conditions for the purpose of section 10(5),\u00a0 the following sub-rules shall be inserted, \u201c(1A) For the assessment year beginning on the 1st\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/265090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=265090"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/265090\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/253009"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=265090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=265090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=265090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}