Safe harbour option for income attribution requires timely Form No. 49 filing, electronic verification, and disclosure compliance.

Procedure for exercising the safe harbour option in income attribution for business and profession requires the assessee to furnish Form No. 49, duly completed, to the Assessing Officer before furnishing the return of income for the relevant tax year. The Assessing Officer may declare the option invalid by written order if incorrect facts are furnished or business-related facts are concealed, after affording a reasonable opportunity of being heard. Form No. 49 must be furnished electronically and verified by the authorised person.

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