The CBDT has notified new rule and form for new manufacturing Co-Operative Societies to opt for 15% concessional tax rate.
The Income-tax (Twenty-Third Amendment) Rules, 2023 has been notified to amend Income-tax Rules, 1962.
The exercise of an option under section 115BAE(5) is covered by the new rule 21AHA. For any prior year relevant to the assessment year starting on or after the first day of April 2024, the choice to be exercised in accordance with the requirements of sub-section (5) of section 115BAE by a person who is a co-operative society located in India will be in Form No. 10-IFA.
Electronic submission of the option in Form No. 10-IFA is required, either with a digital signature or an electronic verification code.
The Form No. 10-IFA filing procedure, data structure, standards, and method of generating an electronic verification code must be specified by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), who is also in charge of developing and enacting the necessary security, archival, and retrieval procedures in relation to the Form so furnished.