TMI BlogIncome-tax (4th Amendment) Rules, 2020X X X X Extracts X X X X X X X X Extracts X X X X ..... ay of April, 2020. 2. 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 company, for any previous year relevant to the assessment year beginning on or after the 1 st day of April, 2020, shall be in Form No. 10-IC. (2) The option in Form No. 10-IC 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 Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s , in Appendix II , after Form No. 10-IB , the following Forms shall be inserted, namely: - FORM No. 10-IC [ See sub-rule (1) of rule 21AE] Application for exercise of option under sub-section (5) of section 115BAA of the Income - tax Act, 1961 To, The Assessing Officer, Sir/Madam, I,.................................................. , on behalf of [name and registered address of the company exercising the option under sub-section (5) of section 115BAA] .having Permanent Account Number (PAN) .. do hereby exercise the option referred to in sub-section (5) of section 115BAA of the Income-tax Act, 1961 (the Act) for previous year 20 ..- and subsequent years. 2. The details of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the option under sub-section (4) of section 115BA exercised on [date] .. in Form. No. 10IB, for previous year 20 ..- and subsequent years. (to be activated in the utility if answer to point 4 is Yes) 6. I understand that the option under sub-section (5) of section 115BAA, once exercised for any previous year, cannot be subsequently withdrawn for the same or any other previous year. 7. I do hereby further affirm that the conditions stipulated in section 115BAA are and shall be satisfied by the aforesaid company. Place: Date: Yours faithfully, Signature of Principal Officer . . Name Designation . Address . Note: This option form should be signed by the princip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exercised for any previous year, cannot be subsequently withdrawn for the same or any other previous year. 4. I do hereby affirm that; (i) the business has not been formed by splitting up or reconstruction of a business already in existence except for as provided in section 33B. (ii) the company does not use any machinery or plant previously used except as provided in Explanation 1 and Explanation 2. (iii) the company does not use any building previously used as a hotel or convention centre, in respect of which deduction under section 80-ID has been claimed and allowed. (iv) the company is not engaged in any business other than the business of manufacture or production of any article or thing and research in relation to, or d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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