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. |
