21AE. [ Exercise of option under sub-section (5) of section 115BAA. [Inserted by Notification No. G.S.R. 110(E), dated 12.2.2020 (w.e.f. 26.3.1992).]
(1)The option to be exercised in accordance with the provisions of sub-section (5) of section 115BAA 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, 2020, shall be in Form No. 10-IC.(2)The option in Form No. 10-IC 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-IC;(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.]
