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Income-tax (22nd Amendment) Rules, 2020 - 82/2020 - Income Tax

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..... spect of depreciation of any block of assets entitled to more than forty per cent. shall be restricted to forty per cent. on the written down value of such block of assets in case of - (i) a domestic company which has exercised option under sub-section (4) of section 115BA, or under sub-section (5) of section 115BAA, or under sub-section (7) of section 115BAB; or (ii) an individual or Hindu undivided family which has exercised option under sub-section (5) of section 115BAC; or (iii) a co-operative society resident in India which has exercised option under sub-section (5) of section 115BAD: Provided further that, for the purposes of section 115BAA, if the following conditions are satisfied, namely: - (i) option under sub-section (5) thereof is exercised for a previous year relevant to the assessment year beginning on the 1st day of April, 2020; (ii) there is a depreciation allowance, in respect of a block of asset, from any earlier assessment year or allowance of unabsorbed depreciation deemed so under section 72A, which is attributable to the provisions in clause (iia) of sub-section (1) of section 32; and (iii) such depreciation or allowance for unabsorbed depreciation is not allo .....

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Income-tax (22nd Amendment) Rules, 2020 - 82/2020 - Income Tax

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..... iety resident in India, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, shall be in Form No. 10-IF. (2) The option in Form No. 10-IF 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-IE; (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. 3. In the principal rules, in Appendix II,- (a) in Form No 3CD,- (i) in Part A, after serial number 8 and the entries relating thereto, the following shall be inserted, namely: - “8a. Whether the assessee has opted for taxation under section 115BA/115BAA/115BAB?”; (ii) in Part B, - (I) in serial number 18, after clause (c), the following clauses shall be inserted, name .....

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Income-tax (22nd Amendment) Rules, 2020 - 82/2020 - Income Tax

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..... tion (5) of section 115BAC of the Income-tax Act, 1961 To, The Assessing Officer, …………….. ………......... Sir/ Madam, I, ..................................................[name of individual]/ Karta of Hindu undivided family (HUF)................[name of HUF]* / ......................... , on behalf of........................... [name and address of the individual/ HUF*, having Permanent Account Number (PAN) …………………….. do hereby exercise/withdraw* the option referred to in clause (i) of sub-section (5) of section 115BAC of the Income-tax Act, 1961 for previous year 20…..-……and subsequent years. 2. The details for this purpose are given below: (i) Name of the individual/ HUF* : (ii) Whether the individual/ HUF* has any income under the head profit or gains from business or profession : Yes/ No (iii) PAN : (iv) Date of Birth/ Incorporation* : dd/mm/yyyy (v) Nature of Business/ Profession* : 3. (i) Whether the individual/ HUF has any Unit in International Financial Services Centre (IFSC), as referred to in sub-section (1A) of section 80LA: Yes/No (ii) If an .....

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Income-tax (22nd Amendment) Rules, 2020 - 82/2020 - Income Tax

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..... referred to in sub-section (5) of section 115BAD of the Income-tax Act, 1961 for previous year 20…..-……and subsequent years. 2. The details of the co-operative society are given below: (i) Name of the co-operative society : (ii) Whether a resident co-operative society : Yes/No (iii) PAN : (iv) Registered Address : (v) Date of Incorporation : dd/mm/yyyy (vi) Nature of activities : 3. (i) Whether the co-operative society has any Unit in International Financial Services Centre (IFSC), as referred to in sub-section (1A) of section 80LA: Yes/No (ii) If answer to (i) is Yes, provide following details: (Add number of columns depending on number of Units): Unit 1 Unit 2 Unit 3 Name of Unit Address of Unit Nature of activities undertaken in Unit 5. I understand that the option under sub-section (5) of section 115BAD, once exercised for any previous year, cannot be subsequently withdrawn for the same or any other previous year. 6. I do hereby further affirm that the conditions stipulated in section 115BAD are and shall be satisfied by the aforesaid co-operative society. Place: Date: Yours faithfully, Signature of Principal Officer……………. .....

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Income-tax (22nd Amendment) Rules, 2020 - 82/2020 - Income Tax

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