Income-tax (4th Amendment) Rules, 2020

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....ce on the 1st day of April, 2020. 2. 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 1^st 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....

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....icies in relation to the Form so furnished.". 3. In the principal rules, in Appendix II, after Form No. 10-IB, the following Forms shall be inserted, namely: - "FORM No. 10-IC [See sub-rule (1) of rule 21AE] Application for exercise of option under sub-section (5) of section 115BAA 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 (5) of section 115BAA] ...................having Permanent Account Number (PAN)...................................... do hereby exercise the option referred to in sub-section (5) of section 1....

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....ffirm that the conditions stipulated in section 115BAA are and shall be satisfied by the aforesaid company. Place: Date: Yours faithfully, Signature of Principal Officer................................... Name....................................... Designation............................... Address..................................... Note: This option form should be signed by the principal officer.   FORM No. 10-ID [See sub-rule (1) of rule 21AF] Application for exercise of option under sub-section (7) of section 115BAB of the Income-tax Act, 1961 To, The Assessing Officer, ............... ......... Sir/Madam, I,.................................................. , on behalf of [nam....