CBDT notified Form 10-IFA for opting for Tax Regime u/s 115BAE by Co-operative Society:

CBDT notified Form 10-IFA for opting for Tax Regime u/s 115BAE by Co-operative Society The Central Board of Direct Taxes(CBDT) has notified Form 10-IFA for opting for Tax Regime u/s 115BAE of Income Tax Act by Co-operative Society via issuing Notification. The Notification stated, "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." These rules may be called the Income-tax (Twenty-Third Amendment) Rules, 2023. They shall come into force from the date of their publication in the Official Gazette. 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. (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 No. 10-IFA; (ii) specify the data structure, standards and manner of generation of electronic verification code, referred to in sub-rule (2), for verification of the person furnishing the said Form; and (iii) be responsible for formulating and implementing appropriate security, archival and retrieval policies in relation to the Form so furnished. To Read More Download PDF Given Below: