The Central Board of Direct Taxes (CBDT) on Friday notified Form No. 34BB for Exercising the option to withdraw pending applications under Section 245M(1) of the Income Tax Act, i.e. from scrapped Income Tax Settlement Commission.
The Board notified the Income Tax (12th Amendment) Rules, 2021 which seeks to further amend the Income-tax Rules, 1962.
In the Income-tax Rules, 1962 , Rule 44DAin respect of exercise of option under sub-section (1) of section 245M and intimation thereof, shall be inserted.
Income-tax Settlement Commission shall cease operations w.e.f. 1st February 2021 and pending applications will be dealt with by an Interim Board to be constituted by the Central Government. On or after 1.2.2021. The powers and functions of ITSC under sections 245DD, 245F, 245G, 245H shall be exercised by the Interim Board and the provisions of these sections shall mutatis mutandis apply to the Interim Board as they apply to the ITSC.
As per the new rule, the exercise of the option by an assessee to withdraw his pending application under sub-section (1) of section 245M shall be in Form No. 34BB.
The Form No. 34BB shall be verified by the person who is authorised to verify the return of income of the assessee under section 140.
Form No. 34BB shall be furnished electronically in accordance with the procedures, formats and standards specified by the Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, and thereafter signed printout of the said form shall be uploaded in the manner specified by the Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, under sub-rule (4).
The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, shall specify the procedures, formats, and standards for the purposes of furnishing and verification and manner of uploading of Form No. 34BB.
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