Exercise of option under sub-section (4) of section 115BA

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.