Procedure for exercise of option under sub-section (1) of section 245M and intimation thereof by furnishing and upload of Form No. 34BB under sub-rule (1) of Rule 44DA of Income-tax Rules, 1962

Last updated: 25 May 2021

Save Share

Quick Summary

This notification outlines the procedure for exercising an option under sub-section (1) of section 245M of the Income-tax Act. It details how to furnish and upload Form No. 34BB, as required by sub-rule (1) of Rule 44DA of the Income-tax Rules, 1962. The process involves a simple two-step procedure.

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. 34BB under sub-rule (1)of Rule 44DAof Income-tax Rules, 1962

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 specifies the following procedures:

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

To know more in details,click here

FAQ :

This notification specifies the procedure for exercising an option under sub-section (1) of section 245M and intimating this by furnishing and uploading Form No. 34BB.

Form No. 34BB needs to be furnished and uploaded.

Form 34BB is required under sub-rule (1) of Rule 44DA of the Income-tax Rules, 1962.

The relevant section is sub-section (1) of section 245M of the Income-tax Act.

The procedure for furnishing and uploading Form No. 34BB involves a 2-step process.

Guest

Notification No : Notification No.5 of 2021
Published in Income Tax
Source : https://www.incometaxindia.gov.in/communications/notification/notification_no_5_2021.pdf

Share Report Abuse

Comments

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!