CBDT prescribes Procedure for exercise of option u/s 245M(1) & intimation thereof to AO in Form No. 34BB

CBDT prescribes Procedure for exercise of option u/s 245M(1) and intimation thereof to AO by furnishing and upload of Form No. 34BB under Rule 44DA(1) of Income-tax Rules, 1962

The Income-tax Settlement Commission has been abolished by the Finance Act 2021 with effect from 1st February 2021 and no application for settlement will be accepted from that date. In view of this, the CBST vide notification No. 40/2021 dated 30th April 2021 notified the option to withdraw pending application u/s 245M(1) before settlement commission to be in Form No. 34BB. 

DGIT(S)-ADG(S)-3/e-Filing Notification/Form34BB/2021

Government of India
Ministry of Finance
Central Board of Direct Tax
Directorate of Income Tax (Systems),

New Delhi, the 24th May 2021

Notification No. 05 of 2021

Procedure for exercise of option under sub-section (1) of section 245M and intimation thereof by furnishing and upload of Form No. 34BB under sub-rule (1) of Rule 44DA of Income-tax Rules, 1962

In exercise of the powers conferred by the Department of Revenue, Ministry of Finance, under sub-rule (3) and sub-rule (4) of Rule 44DA of the Income-tax Rules, 1962 (‘the Rules’), the Director General of Income Tax (Systems) hereby specify the following procedures:

2. Furnishing and upload of Form 34BB to exercise option under sub-section (1) of section 245M-2 step procedure:

Step 1: Provide basic details for assessees intending to exercise option under sub-section (1) of section 245M

(i) 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 placed at www.nic.in. 

https://nicforms.mp.nic.in/nicforms_designer/nic_form_selector.php?form_id=enRhYmxlNjA2ZDMyN2RiNTg0ZTIwMjEwNDA3MzE=

(short URL : https://tinyurl.com/form34bb).

The details of the link has also been made available on E-Filing portal of the Department: www.incometaxindiaefiling.gov.in (also on: www incometax.gov.in with effect from 7th June 2021)

(ii) 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 1st year under AY column in above table. In case of block assessment, the assessment year to be provided shall be the 1st year of the block.

(iii) The details shall be provided by 15-June-2021.

(iv) 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.

Step 2: Upload of signed copy of Form No. 3488 on E-fillng Portal of the Department:

(i) The assessee, to whom intimation to upload Form No. 34BB is generated, shall upload scanned printout of Form No. 34BB, duly verified as per sub-rule (2) of Rule 44DA of the Rules, online on the e-Filing portal of the Department: incometax.gov.in.

(ii) The assessee is required to login into the e-Filing portal: www.incometax.gov.in using their valid credentials.

(iii) A link for upload of Form No. 34BB has been provided under e-Filing portal: www.incometax.gov.in -> Login using User name and password -> Select e-proceedings Tab -> Select ‘Furnishing of Form 34BB’ -> upload scanned printout of the Form.

(iv) The scanned printout of the Form should be in pdf format with a scan clarity of 300 DPI.

(v) The form can be submitted by clicking on “Submit” button.

(vi) The assessee shall upload signed printout of the Form withln the date specified under sub-section (1) of section 245M. The date of upload of signed printout of abcaus.in the Form shall be the date on which such application is withdrawn.

3. Viewing submitted Forms

The submitted Form would be available for view and download by going to www.incometax.gov.in -> Login using User name and password -> Select e-proceedings Tab -> ‘Furnishing of Form 34BB’ -> Select ‘View submission’

4. Submission to the Assessing Officer-

Online submission of Form No.34BB in the 2 step manner prescribed herein would be treated as submission to the Assessing Officer as per sub-section (1) of sect on 245M of the Act.

5. Instructions/FAQs to provide details of pending application and upload signed printout of the Form are available on the e-Filing Portal.

(Anu J SIngh)
DGIT (Systems) CBDT

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