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Rule 21AD Of Income Tax Rules 1962: Exercise Of Option [Sec 115BA (4)]

Rule 21AD : Exercise of option under sub-section (4) of section 115BA
(Chapter: IV - Tax Exemptions and Reliefs)

(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.

Extra Notes for Readers

(1) Rule 21AD was introduced by the Income Tax (9th Amendment) Rules, 2017 (notification no. 36/2017 dated 2nd May, 2017).

Check at Income Tax Dept. official site for latest version of the Rule.

This page was created/last updated on 5th May 2017.

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