CBDT Introduces Form 10-IFA for Co-operative Societies Choosing Tax Regime under Section 115BAE of Income Tax Act, inserts new Rule 21AHA [Read Notification]

The Central Board of Direct Taxes (CBDT) vide notification no. G.S.R.702(E) issued on 29th September 2023 has notified Income-tax (Twenty-Third Amendment) Rules, 2023. The board has inserted new Rule 21AHA to Exercise Option under Section 115BAE(5) and also a new Form 10-IFA.

In the Income-tax Rules, 1962 , after rule 21AH, the following rule 21AHA shall be inserted, namely:–

“21AHA. Exercise of option under sub-section (5) of section 115BAE.

(1) The option to be exercised in accordance with the provisions of sub-section (5) of section 115BAE by a person, being a co-operative society resident in India, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2024, shall be in Form No. 10-IFA.

(2) The option in Form No.10-IFA 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-IFA;

(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.”

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Notification No: 83/2023 , 29 September, 2023