Newly Established Manufacturing Co-Operative Societies Eligible for a 15% Reduced Tax Rate, Announces CBDT

The Income tax (Twenty-Third Amendment) Rules, 2023 have been issued to make changes to the Income-tax Rules, 1962. The process of choosing an option under section 115BAE(5) is now governed by the new rule 21AHA. 

Starting from the assessment year that begins on April 1, 2024, if you're a cooperative society based in India and you need to choose in line with the requirements of section 115BAE(5), you should use Form No. 10-IFA.

You must electronically submit Form No. 10-IFA using either a digital signature or an electronic verification code.

The way to fill out Form No. 10-IFA, including how to organize the information, follow certain standards, and generate an electronic verification code, will be decided by either the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems). 

These authorities are responsible for creating and implementing the necessary security, storage, and retrieval procedures for the submitted Form.

You can view the full notification by clicking on below mentioned link: https://acrobat.adobe.com/id/urn:aaid:sc:ap:ec2e2a7e-3985-4a15-92b6-5b82d8d3da15 

Also Read: The Tax Department Releases Advisory Regarding Digital Signature Certificates