The new amendment as published in the official gazette states, “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 companies, 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-IC.
- specify the procedure for filing of Form No. 10-IC;
- 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
- be responsible for formulating and implementing appropriate security, archival and retrieval policies in relation to the Form so furnished.;”