For concessional tax regime, Form No. 10- IC has to be filed within the due date of filing the returns

For concessional tax regime, Form No. 10- IC has to be filed within the due date of filing the returns

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For concessional tax regime, Form No. 10- IC has to be filed within the due date of filing the returns

1. The Central Government inserted Section 115BAA after Section 115BA with effect from financial year 01.04.2019.
2. As per the provisions of said section, the domestic companies can exercise the option to pay tax at the concessional rate, i.e. 22 percent + surcharge 10 percent +cess 4 percent subject to the fulfilment of the conditions stipulated in the said Section. By virtue of aforesaid section, the tax rate has been reduced to 25.168 percent from the earlier 27.82 percent.
3. As per sec 115 BAA (5), the option once exercised shall apply to subsequent assessment years.
4. Further as per Rule 21 A, the company is required to submit Form 10-IC before filing of income tax return, expressing its intention to opt to pay tax under Simplified Tax Regime for all times to come.
5. The online 10-IC Form will be considered valid only if it is authenticated with a digital signature or an Electronic Verification Code (EVC) seeking a company’s basic details like name, PAN, registered address, date of incorporation and nature of business.

1 Comment

  1. March 17, 2022
    ATUL PATHAK

    DEAR SIR
    INFORMATIVE SUBKECT
    IF 10IC FILED LATE BY 3DAYS AFTER DUE DATE
    WHAT IS CONSEQUENCE OR WHAT IS REMEDY

    Reply

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