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TMI BlogIncome-tax (22nd Amendment) Rules, 2020X X X X Extracts X X X X X X X X Extracts X X X X ..... - (a) in rule 5 , in sub-rule (1), for the proviso, the following proviso shall be substituted, namely: - Provided that the allowance under clause (ii) of sub-section (1) of section 32 in respect of depreciation of any block of assets entitled to more than forty per cent. shall be restricted to forty per cent. on the written down value of such block of assets in case of - (i) a domestic company which has exercised option under sub-section (4) of section 115BA, or under sub-section (5) of section 115BAA, or under sub-section (7) of section 115BAB; or (ii) an individual or Hindu undivided family which has exercised option under sub-section (5) of section 115BAC; or (iii) a co-operative society resident in India which has exercised option under sub-section (5) of section 115BAD: Provided further that, for the purposes of section 115BAA, if the following conditions are satisfied, namely: - (i) option under sub-section (5) thereof is exercised for a previous year relevant to the assessment year beginning on the 1st day of April, 2020; (ii) there is a depreciation allowance, in respect of a block of asset, from any earlier assessment year or allowance of unabsor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es in relation to the Form so furnished. Exercise of option under sub-section (5) of section 115BAD. - 21AH. (1) The option to be exercised in accordance with the provisions of sub-section (5) of section 115BAD by a person, being a cooperative society resident in India, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, shall be in Form No. 10-IF. (2) The option in Form No. 10-IF 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-IE; (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. 3. In the principal rules , in Appendix II, - (a) in Form No 3CD ,- (i) in Part A, after serial number 8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess? If yes , provide the following details: (a) Name of the person with whom the specified domestic transaction has been entered into (b) Description of the transaction including quantitative details, if any. (c) Total amount received/receivable or paid/ payable in the transaction - (i) as per books of account; (ii) as computed by the assessee having regard to the arm s length price. (d) Method used for determining the arm s length price [ See section 92C(1)]. Yes/No _______________ ; (c) after Form No. 10-ID , the following forms shall be inserted, namely: - FORM No. 10 -IE [ See sub-rule (1) of rule 21AG] Application for exercise/ withdrawal of option under clause (i) of sub-section (5) of section 115BAC of the Income-tax Act, 1961 To, The Assessing Officer, .. ......... Sir/ Madam, I, ..................................................[name of individual]/ Karta of Hindu undivided family (HUF)................[name of HUF]* / ......................... , on behalf of........................... [name and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rendering me/ Individual/ HUF* ineligible for exercising option under section 115BAC in terms of proviso to sub-section (5) thereof. 6. I do hereby further affirm that the conditions stipulated in section 115BAC are and shall be satisfied by me/ Individual/ HUF* (to be activated in case where the option is being exercised). *Delete whichever is inapplicable. Place: Date: Yours faithfully, Signature of Individual/ Karta of HUF / Authorised Representative . . Name Designation . Address . Note : This form shall be signed by the individual/ Karta of the HUF/ Authorised Representative. FORM No. 10-IF [ See sub-rule (1) of rule 21AH] Application for exercise of option under sub-section (5) of section 115BAD of the Income-tax Act, 1961 To, The Assessing Officer, Sir/ Madam, I,.................................................. , on behalf of [name and registered address of the co-operative society exercising the option under sub-section (5) of section 115BAD] . having Permanent Account Number (PAN) .. do hereby exercise the option referred to in sub-s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Adjusted Written down value on the first day of previous year (3) + (3a) ; (II) for serial number 5, the following shall be substituted, namely: - 5. Consideration or other realization during the previous year out of 3b or 4 ; (III) for serial number 6, the following shall be substituted, namely: - 6. Amount on which depreciation at full rate to be allowed (3b + 4 -5) (enter 0, if result is negative) ; (IV) for serial number 20, the following shall be substituted, namely: - 20. Capital gains/ loss under section 50 (5 + 8 -3b - 4 -7 - 19) (enter negative only, if block ceases to exist) ; (ii) for Schedule CFL, the following Schedule shall be substituted, namely: - (iii) for Schedule UD, the following Schedule shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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