Form 10EE

Relevant Statute

• Section 10(23FE) of the Income-tax Act, 1961
• Rule 21AAA of the Income-tax Rules, 1962

Legal Provision

• Applicable to a specified person resident in India who earlier opened and maintained specified retirement-benefit accounts in a notified country (Canada, UK, USA) while being non-resident there.
• Such person may opt to include income accruing in all specified accounts in the total income of the previous year in which it becomes taxable in the notified country at withdrawal/redemption.
• Income already taxed in earlier years, or not taxable in India due to non-resident/ not-ordinarily-resident status or DTAA, shall not be included again; foreign tax paid on such income is to be ignored for foreign tax credit computation.
• Once exercised, the option applies to all subsequent years and cannot be withdrawn, except where the person becomes non-resident.
• If the person becomes non-resident, the option is deemed never exercised from that year, and accrued income for the intervening period becomes taxable in the year immediately preceding that relevant year.

Applicable For

• Applicable to a specified person resident in India who earlier opened and maintained specified retirement-benefit accounts in a notified country while being non-resident there.

Effective From

• Form 10EE was introduced by the IT (6^thamendment) Rules 2022, w.e.f., 04-04-2022

Pre-requisite While Filing the Form

• Not Applicable

Due Date

• On or before the due datefor furnishing the return of income under Section 139(1).

How to file it

• Form No. 10EE is to be filed online at https://www.incometax.gov.in/iec/foportal/