MINISTRY OF FINANCE
(Department of Revenue)
[CENTRAL BOARD OF DIRECT TAXES]
New Delhi, the 29th September, 2023
G.S.R.702(E).—In exercise of the powers conferred by sub-section (5) of section 115BAE, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—
1. Short title and commencement.—(1) These rules may be called the Income-tax (Twenty-Third Amendment) Rules, 2023.
(2) They shall come into force from the date of their publication in the Official Gazette. 4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 21AH, the following rule 21AHA shall be inserted, namely:–
“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.
For full notification please refer to the attachment.