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Rule 21AE: Exercise of option under sub-section (5) of section 115BAA

The Income-tax Rules, 1962Central Act · 1962

[Exercise of option under sub-section (5) of section 115BAA.

(1) The option to be exercised in accordance with the provisions of sub-section (5) of section 115BAA 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-IC.

(2) The option in Form No. 10-IC 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-IC;

(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.

Where this provision sits

ActThe Income-tax Rules, 1962
Rule21AE
Marginal noteExercise of option under sub-section (5) of section 115BAA
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted. Rules 21AE and 21AF inserted by the IT (Fourth Amdt.) Rules, 2020, w.e.f. 1-4-2020.

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