Notification -- CBDT notified Rule 21AHA and Form No. 10-IFA for Exercising of option for tax @15% u/s 115BAE (5) by the new manufacturing co-operative societies set-up and registered on or after the 01.04 2023.

“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.”

Notification No. 83/2023 dated 29.09.2023

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