The Ministry of Finance (MoF) on September 29, 2023, issued the Income-tax (Twenty-Third Amendment) Rules, 2023 to further amend the Income-tax Rules, 1962.
The following provisions have been stated:
• 21AHA which states "Exercise of option under sub-section (5) of section 115BAE" has been inserted namely: -
"(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 April 01, 2024, shall be in Form No. 10-IFA.
(2) The option in Form No. 10-IFA shall be furnished electronically either under a 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.”
• In the principal rules, in APPENDIX II, after Form No. 10-IF, Form “10-IFA“ has been inserted.
This notification will come into force from September 29, 2023.
Kindly find the Form “10-IFA“provided with this document attached below.
[Notification No. G.S.R.702 (E)]
