Income-tax 9th Amendment Rules 2017 Form 10-IB for Section 115BA

MINISTRY OF FINANCE Department of Revenue (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 2nd May, 2017 INCOME-TAX

S.O. 1381(E).—In exercise of the powers conferred by section 295 read with section 115BA of 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. • (1) These rules may be called the Income-tax (9th Amendment) Rules, 2017.

• (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), after rule 21AC, the following rule shall be inserted, namely:-

“21AD. Exercise of option under sub-section (4) of section 115BA. (1) The option to be exercised in accordance with the provisions of sub-section (4) of section 115BA 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, 2017, shall be in Form No. 10-IB.

(2) The option in Form No. 10-IB referred to in sub-rule (1) 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 referred to in sub-rule (2);
• (ii) specify the data structure, standards and manner of generation of electronic verification code, referred to in sub-rule(2), for purpose of verification of the person furnishing the form referred to in the said sub- rule; and
• (iii) be responsible for formulating and implementing appropriate security, archival and retrieval policies in relation to Form so furnished.”;

3. In the principal rules, after Form No. 10-IA, the following Form shall be inserted, namely:-

“FORM No. 10-IB [See sub-rule (1) of rule 21AD]

Application for exercise of option under sub-section (4) of section 115BA of the Income - tax Act, 1961

To, The Assessing Officer, ………………………….

Sir/Madam,

I, ……………………………….., on behalf of [name and registered address of the company exercising the option under sub-section (4) of section 115BA] …………………….………………………………………………………. having Permanent Account Number (PAN)……………………………….. do hereby exercise the option referred to in sub-section (4) of section 115BA of the Income-tax Act, 1961 (the Act) for previous year 20…-…… and subsequent years.

2. The details of the company is given below

• (i) Name of the Company exercising the option : under sub-section (4) of section 115BA:
• (ii) Whether it is a Domestic company or not :
• (iii) PAN :
• (iv) Registered Address :
• (v) Date of Incorporation :
• (vi) Nature of business or activities of the : Company

3. I understand that the above option once exercised for any previous year, cannot be subsequently withdrawn for the same or any other previous year.

4. I do hereby further affirm that the conditions stipulated in section 115BA of the Act are and shall be satisfied by the aforesaid company.

Place: Date:

Yours faithfully,

Signature of Principal Officer…………….………………. Name………………………………… Designation…………………………. Address…………………….…………

Note 1:

1. This option form should be signed by the principal officer.”

[Notification No. 36/2017/F. No. 370142/7/2017-TPL] NIRAJ KUMAR, Under Secy. (Tax Policy and Legislation)

Note 2: The principal rules were published in the Gazette of India Extraordinary, Part III, section 3, sub-section (i), vide notification number S.O. 969(E), dated the, 26th March, 1962 and were last amended vide notification number G.S.R. 399(E) dated the 21st April, 2017.