(I) The option to pay tax under section 10 shall be effective from the beginning of the financial year, where the intimation is fill!d under sub-rule
(3) of rule 3 and the appointed day wher~. the intimation is filed under sub-rule ( 1) of the said rule.
(2) The intimation under sup-rule (2) of rule 3, shall be consjdcrcd onJy after the grant of registration to the applicant and his option to pay tax under section I 0 shall be eiTective from the date tixed under sub-rule (2) or (3) of rule 10.