CBDT issues Procedure for exercise of option u/s 245M(1) and furnishing & upload of Form No. 34BB under Rule 44DA(1)

Last updated: 25 May 2021

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The Central Board of Direct Taxes (CBDT) has announced a new procedure for taxpayers wishing to exercise their option under section 245M(1). This procedure involves furnishing and uploading Form No. 34BB, as per sub-rule (1) of Rule 44DA of the Income-tax Rules, 1962. The Directorate of Income Tax (Systems) has issued this notification to outline the steps involved.

The Central Board of Direct Taxes has issued the procedure for the exercise of option under sub-section (1) of section 245M and intimation thereof by furnishing and upload of Form No. 3488 under sub-rule (1) of Rule 44DA of Income-tax Rules, 1962. Read the official notification below:

DGIT(S)-ADG(S)-3/e-Filing Notification/Form34BB/2021/

Government of India
Ministry of Finance
Central Board of Direct Tax
Directorate of Income Tax (Systems), New Delhi

Notification No.05 of 2021

New Delhi, the 24th May,2021

Procedure for exercise of option under sub-section (1) of section 245M and intimation thereof by furnishing and upload of Form No. 3488 under sub-rule (1)of Rule 44DAof Income-tax Rules, 1962

CBDT Issues New Procedure for Form 34BB and Section 245M Option

In exercise of the powers conferred by the Department of Revenue, Ministry of Finance, under sub-rule (3)' and sub-rule (4) of Rule 44DA of the income-tax Rules, 1962 (`the Rules'), the Director General of Income Tax (Systems) hereby specify the following procedures:

2. Furnishing and upload of Form No. 34BB to exercise option under sub-section (1) of section 245M

To download the full notification, find the enclosed file

FAQ :

The CBDT has issued a procedure for exercising the option under section 245M(1) and for furnishing and uploading Form No. 34BB.

Form No. 34BB is required to be furnished and uploaded.

Form No. 34BB is furnished under sub-rule (1) of Rule 44DA of the Income-tax Rules, 1962.

The Directorate of Income Tax (Systems) has issued this notification.

The purpose is to specify the procedure for exercising the option under sub-section (1) of section 245M and to intimate this by furnishing and uploading Form No. 34BB.

Attached File : 40_20227_dgitnotification.pdf

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