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The Income Tax Department has issued a comprehensive set of Frequently Asked Questions (FAQs) on Form 40, providing much-needed clarity on the procedure for claiming relief in respect of foreign retirement benefit accounts under the Income Tax Act, 2025. The guidance is particularly relevant for re
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Form 40 is the official document required for resident taxpayers to claim tax relief under Section 158 of the Income Tax Act, 2025, specifically for foreign retirement benefit accounts.
A 'specified person' can file Form 40. This includes individuals who are current residents of India, opened a retirement account while residing in a notified foreign country, and were non-residents when the account was initially opened.
Yes, filing a valid Form 40 within the specified time limit is mandatory to claim the tax deferral relief under Section 158 of the Income Tax Act, 2025.
The relief currently applies to retirement benefit accounts maintained in notified countries, including the United States, United Kingdom, Canada, and Australia.
You need to provide details of your eligible foreign retirement accounts, such as the account number, opening date, name of the retirement fund, country of maintenance, and the account balance at the end of the tax year.
No, once Form 40 is successfully submitted and an acknowledgment is received, it cannot be edited or revised. It's crucial to verify all details before final submission.
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