S.L. 123.142 Art. 8Manner in which option is exercised.

The option available under article 56(25) of the Act shall be exercised by means of a declaration signed by the beneficiary and endorsed by the Corporation made on such form or in such manner as the Commissioner may require and attached to or included in the tax return for the relative year of assessment. It shall not be deemed to have been validly exercised unless the income to which it applies has been fully and correctly declared in the said tax return and unless the said declaration and tax return are filed by not later than the relative tax return date:

Provided that when the said declaration or the relative tax return is filed later than the tax return date, the Commissioner may treat the option as having been validly exercised if he is satisfied that the delay was due to a reasonable excuse. eligibility under these rules shall be made on such form or in such manner as the Corporation may require and shall contain the information and documents therein requested.