MINISTRY OF FINANCE
Department of Revenue
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 36/2017
New Delhi, the 2nd May, 2017
INCOME-TAX
S.O. 1381(E).—In exercise of the powers conferred by section 295 read with section 115BA 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. (1) These rules may be called the Income-tax (9th Amendment) Rules, 2017.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), after rule 21AC, the following rule shall be inserted, namely:-
“21AD. Exercise of option under sub-section (4) of section 115BA. (1) The option to be exercised in accordance with the provisions of sub-section (4) of section 115BA by a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2017, shall be in Form No. 10-IB.
(2) The option in Form No. 10-IB referred to in sub-rule (1) 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 referred to in sub-rule (2);
(ii) specify the data structure, standards and manner of generation of electronic verification code, referred to in sub-rule(2), for purpose of verification of the person furnishing the form referred to in the said sub- rule; and
(iii) be responsible for formulating and implementing appropriate security, archival and retrieval policies in relation to Form so furnished.”;
3. In the principal rules, after Form No. 10-IA, the following Form shall be inserted, namely:‑
“FORM No. 10-IB
[See sub-rule (1) of rule 21AD]
Application for exercise of option under sub-section (4) of section 115BA of the Income – tax Act, 1961
To,
The Assessing Officer,
Sir/Madam,
I, ………………………………………………. , on behalf of [name and registered address of the company exercising the option under
sub-section (4) of section 115BA] having Permanent Account Number (PAN)…………………………… ….. do hereby exercise the option referred to in sub-section (4) of section 115BA of the Income-tax Act, 1961 (the Act) for previous year 20…- …… and subsequent years.
2. The details of the company is given below
(i) Name of the Company exercising the option under sub-section (4) of section 115BA :
(ii) Whether it is a Domestic company or not :
(iii) PAN :
(iv) Registered Address :
(v) Date of Incorporation :
(vi) Nature of business or activities of the Company:
3. I understand that the above option once exercised for any previous year, cannot be subsequently withdrawn for
the same or any other previous year.
4. I do hereby further affirm that the conditions stipulated in section 115BA of the Act are and shall be satisfied by
the aforesaid company.
Place:
Date:
Yours faithfully,
Signature of Principal Officer……………………………..
Name……………………………………
Designation ………………………….
Address………………………………..
Note 1:
1. This option form should be signed by the principal officer.”
[Notification No. 36/2017/F. No. 370142/7/2017-TPL]
NIRAJ KUMAR, Under Secy. (Tax Policy and Legislation)
Note 2: The principal rules were published in the Gazette of India Extraordinary, Part III, section 3, sub-section (i), vide notification number S.O. 969(E), dated the, 26th March, 1962 and were last amended vide notification number G.S.R. 399(E) dated the 21st April, 2017.