1[Exercise of option under sub-section (5) of section 115BAE.
21AHA. (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.]
Note:-
1 .Inserted by the Income-tax (Twenty-Third Amendment) Rules, 2023 w.e.f. 29-9-2023.