Income Tax (4th Amendment) Rules, 2020.

(Department of Revenue)
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: –

  1. 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.

  1. 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

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