Mandatory Electronic Submission of Specified Forms under Rule 131 of I-T Rules 1962: CBDT Notification 1/2024-25
The Central Board of Direct Taxes (CBDT), through Notification No. 1/2024-25 dated June 24, 2024, has mandated that certain forms listed in Appendix-II of the Income Tax Rules, 1962, must be submitted electronically. This directive, effective from June 27, 2024, is issued by the Director General of Income Tax (Systems) with the Board’s approval.
Key Forms for Electronic Submission
Below is the list of forms specified for electronic submission under sub-rule (1) of Rule 131 of the Income Tax Rules, 1962:
- Form 3CN: Application for notification of an affordable housing project as a specified business under section 35AD of the Income-tax Act.
- Form 3CS: Application for notification of a semiconductor wafer fabrication manufacturing unit as a specified business under section 35AD of the Income-tax Act.
- Form 3CEC: Application for a pre-filing meeting.
- Form 3CEFB: Application for opting for Safe Harbour in respect of specified domestic transactions.
- Form 59: Application for approval of the issue of public companies under section 80C(2)(xix) of the Income-tax Act.
- Form 59A: Application for approval of mutual funds investing in eligible companies under section 80C(2)(xx) of the Income-tax Act.
Rule 131: Electronic Furnishing Requirements
According to Rule 131, the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) can specify that forms, returns, statements, reports, or orders listed in Appendix II must be furnished electronically. The methods for electronic submission include:
- Digital Signature: If the return of income is required to be submitted under a digital signature.
- Electronic Verification Code: For cases not requiring a digital signature.
The Principal Director General or the Director General will also:
- Specify the forms to be furnished electronically.
- Establish the data structure, standards, and procedures for electronic submission and verification of these forms, including any necessary format modifications.
- Formulate and implement security, archival, and retrieval policies for the electronically furnished forms.
This initiative by the CBDT aims to streamline the submission process, enhance data security, and ensure efficient handling of income tax-related documentation.
By adhering to these guidelines, taxpayers and businesses can ensure compliance with the latest electronic submission requirements set forth by the CBDT.
To Access the official Notification of CBDT CLICK HERE
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