The CBDT vide Notification No. 83/2023 dated September 29, 2023, in accordance with its authority under section 115BAE(5) and section 295 of the Income-tax Act, 1961, has notified the Income-tax (Twenty-Third Amendment) Rules, 2023. These rules, effective upon publication in the Official Gazette, serve to amend the existing Income-tax Rules, 1962.
In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 21AH, the following rule 21AHA shall be inserted, namely:–
“21AHA. Exercise of option under sub-section (5) of section 115BAE.
(1) The option to be exercised in accordance with the provisions of sub-section (5) of section 115BAE by a person, being a co-operative society resident in India, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2024, shall be in Form No. 10-IFA.
(2) The option in Form No. 10-IFA 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-IFA;
(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.”
In the principal rules, in the APPENDIX II, after Form No. 10-IF, the following Form shall be inserted, namely:–
FORM No. 10-IFA (Application for exercise of option under sub-section (5) of section 115BAE of the Income-tax Act, 1961) is as below:
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