CBDT Notifies Form 10-IFA for Opting for Tax Regime u/s 115BAE by Co-operative Society
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- Last Updated on 3 October, 2023
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Notification No. 83/2023, dated 29-09-2023
The Finance Act 2023 introduced a new tax scheme under section 115BAE for the resident co-operative societies engaged in the manufacturing or production of an article or thing. If a co-operative society opts for this scheme, then income will be taxable at a concessional rate if certain conditions are fulfilled.
The provisions of section 115BAE will be applicable from the assessment year 2024-25. Further, sub-section (5) of section 115BAE provides that the eligible co-operative society has to exercise the option to choose new tax scheme in the prescribed manner on or before the due date for furnishing the first return of income under Section 139(1).
To prescribe such manner, the Central Board of Direct Taxes (CBDT) has inserted a new Rule 21AHA vide Income-tax (Twenty-Third Amendment) Rules, 2023.
The new Rule 21AHA provides that a resident co-operative society can exercise the option under section 115BAE(5) by furnishing Form No. 10-IFA. The form shall be furnished electronically either 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 Form no. 10-IFA.
Click Here To Read The Full Notification
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