Forms notified for exercising option u/s 115BAA and 115BAB

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CBDT had vide notification dated 12.02.2020 notified 2 forms, Form no. 10-IC and 10-ID for section 115BAA and 115BAB respectively.

These forms needs to submitted electronically under digital signature or electronic verification code.

The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), shall – specify the procedure for filing of Form No. 10-IC/ ID, 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 be responsible for formulating and implementing appropriate security, archival and retrieval policies in relation to the Form so furnished.

Such form needs to be signed and filled by a proper officer of a company on behalf of the company.

He needs to accept all the conditions as mentioned in the Form below and will also accept that once such option is exercised it cannot be taken back.

You can download the notification HERE.

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