MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION NO 10/2020
New Delhi, the 12th February, 2020
G.S.R. 110(E).—In exercise of the powers conferred by section 115BAA and section 115BAB read with section 295 the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: –
- short title and commencement-.
1) These rules may be called the Income-tax (4th Amendment) Rules, 2020.
(2) They shall come into force on the 1st day of April, 2020.
- In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 21AD, the following rules shall be inserted, namely: –
“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 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