¹21AF. 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.

NOTE-

1. Inserted by Income-tax (4th Amendment) Rules, 2020 w.e.f 01-04-2020. Notification dated 12th February, 2020