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Rule 21AF: Exercise of option under sub-section (7) of section 115BAB · Complied AI

Part 2
Rule 21AF

Rule 21AFPart 2

Exercise of option under sub-section (7) of section 115BAB

(1)

The option to be exercised in accordance with the provisions of sub-section (7) of section 115BAB 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-ID. (2) The option in Form No. 10-ID 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-ID; (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.

Rule 21AE Rule 21AF Rule 21B