Rule 21AE - Exercise of option under sub-section (5) of section 115BAA - Income-tax Rules, 1962

1 [21AE. 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 1 st 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. ] ************* NOTES:- 1. Inserted vide NOTIFICATION NO. 10/2020 dated 12-02-2020 w.e.f. 01-04-2020