Section 21AAA sub-rule (2) clause (a) specifies that income that has already been taxed in any earlier previous years in which such income accrued shall be excluded from the total income at the time of redemption or withdrawal from the foreign retirement account.
Does this exclusion apply to income on which tax was paid in years prior to A.Y 2022-23 when section 21AAA came into force?
For example, I paid tax on $1000 of income from my US retirement account in A.Y 2018-19. Can I exclude this income for tax purposes when I withdraw my funds from my retirement account in the future?
Ajay
CAclubindia
