CBDT : Twenty-Third Amendment Rules 2023

Last updated: 30 September 2023

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The Central Board of Direct Taxes (CBDT) has introduced the Income-tax (Twenty-Third Amendment) Rules, 2023. These rules outline a new procedure for co-operative societies to exercise their tax options under section 115BAE. The option must be exercised using Form No. 10-IFA, which needs to be submitted electronically.

MINISTRY OF FINANCE
(Department of Revenue)
[CENTRAL BOARD OF DIRECT TAXES]
NOTIFICATION
New Delhi, the 29th September, 2023
INCOME-TAX

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.

FAQ :

These are new rules made by the Central Board of Direct Taxes to further amend the Income-tax Rules, 1962, specifically concerning the exercise of tax options by co-operative societies.

The option can be exercised by a person who is a co-operative society resident in India.

The option relates to sub-section (5) of section 115BAE of the Income-tax Act, 1961.

The option must be exercised in Form No. 10-IFA.

Form No. 10-IFA shall be furnished electronically, either under digital signature or electronic verification code.

These rules shall come into force from the date of their publication in the Official Gazette.

Notification No : 83/2023
Source : https://egazette.gov.in/WriteReadData/2023/249063.pdf

Attached File : 322600_11189_23rd_amendment_rule_notification.pdf

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