CBDT notifies the procedure to furnish Form 34BB to exercise option u/s 245M(1) of IT Act

CBDT notifies the procedure to furnish Form 34BB to exercise option u/s 245M(1) of IT Act

Notification No.05 of 2021

 

The Central Board of Direct Tax (CBDT) issued a notification dated 24th May 2021 stating the procedure for exercise of option under of section 245M (1) and intimation thereof by furnishing and upload of Form No. 34BB under Rule 44DA (1) of Income-lax Rules, 1962.

 

Correspondingly, in the notification, the Director general of Income Tax (systems) specified the procedure by exercising the power conferred by the Department of Revenue, Ministry of Finance under Rule 44D (3) and (4) of Income Tax Rules of 1962.

 

The procedure to furnish Form 34BB to exercise option under Section 245M (1) is:

 

> Provide basic details for assessee intending to exercise option under sub-section (1) of section 245M.

The assessee who wish to exercise option for withdrawal application filed u/s 245C and such application is pending, shall first provide the basic details in following format on the form.

The details of the link on which form to be placed have been made available on the E-Filing portal of the Department https://www.incometax.gov.in

 

PAN

Name of the assessee

AY

Date of filing application u/s 245C

Application No.

Bench of Settlement Commission

PCIT

(in the format PCIT-xx, Place)

Email ID

 

 

 

 

 

 

 

 

 

  • In case there are more than one assessment year for which the application for settlement u/s 245C is made, the assessee shall provide only the 1" year under AY column in above table. In case of block assessment, the assessment year to be provided shall be the 1" year of the block.

  • The details shall be provided by 15-June-2021.

  • Based on these details, a system generated letter shall be generated through ITBA System to the assessee on his e-filing account requiring the assessee to upload signed printout of Form No. 34BB. The assessee should be a registered user on the E-filing Portal of the Department to proceed further.

 

> The assessee to whom intimation to upload Form 34BB is generated, shall upload  on the e-filing portal the scanned printout copy of Form 34BB duly verified as per Rule 44D (2) of the Rules

The assessee shall upload the signed printout of the Form within the date specified under Section 245M (1). The date of upload of signed printout of the Form shall be the date on which such application is withdrawn.

 

The prescribed 2 step-manner of online submission of Form 34BB would be treated as submission to the Assessing Officer as per Section 245M (1).

 

 

How to upload the signed copy of Form 34BB on e-filing portal of the Department?

  1. The assessee is required to login to the e-filing portal by using valid credentials

  2. Select the 'e-proceeding' tab

  3. Select 'Furnishing of Form 34BB'

  4. Upload the scanned copy of the Form in pdf format with a scan clarity of 300 DPI

  5. Click 'Submit'

 

How to view the submitted Form?

  1. Login to the e-filing portal by using username and passcode

  2. Select the 'e-proceedings' tab

  3. Select 'Furnishing of Form 34BB'

  4. Click on 'view submission'

 

 

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