Rule-21AF (of Income Tax Rules, 1962), Exercise of option under sub-section (7) of section 115BAB (of Income Tax Act, 1961)
Rule-21AF (of Income Tax Rules, 1962), Exercise of option under sub-section (7) of section 115BAB (of Income Tax Act, 1961)
Exercise of option under sub-section (7) of section 115BAB (of Income Tax Act, 1961).
(1) The option to be exercised in accordance with the provisions of sub-section (7) of section 115BAB (of Income Tax Act, 1961) by a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2020, shall be in Form No. 10-ID.
(2) The option in Form No. 10-ID shall be furnished electronically either under digital signature or electronic verification code.
(3) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, shall-
(i) specify the procedure for filing of Form No. 10-ID;
(ii) specify the data structure, standards and manner of generation of electronic verification code, referred to in sub-rule (2), for verification of the person furnishing the said Form; and
(iii) be responsible for formulating and implementing appropriate security, archival and retrieval policies in relation to the Form so furnished.]
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