Exercise of option under sub-section (5) of section 115BAC—(1) The option to be exercised in accordance with the provisions of sub-section (5) of section 115BAC by a person, being an individual or Hindu undivided family, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, shall be in Form No. 10-IE.
(2) The option in Form No. 10-IE 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-IE;|
|(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.|