Worked in the US, UK or Canada? Form 40 can help Indians defer income tax liability on foreign pension accounts

Indians who worked abroad can now defer tax on foreign pension funds. Filing Form 40 electronically before the tax return deadline shifts taxation from accrual to withdrawal. This option, generally irrevocable, helps manage tax liabilities on accounts like US 401(k)s. Chartered Accountant Suresh Surana said, "this provision... allows individuals... to defer the taxation."