Condonation in filing of Form 10-IC

 

 

1. Representations had been received by CBDT stating that Form No. 10-IC could not be filed for A.Y. 2021-22 within the due date or extended due date, as the case may be. It had been requested that the delay in filing of Form No. 10-IC for A.Y. 2021-22 may be condoned.

2. Form 10-IC is required to filed, if a Domestic Company chooses the option to pay tax at concessional rate of 22% under Section 115BAA of the Income Tax Act,1961.

3. On consideration of the matter, with a view to avoid genuine hardship to the domestic companies in exercising the option u/s 115BAA of the Act, CBDT in exercise of the powers conferred under section 119(2)(b) of the Act, hereby directs that: –

4. The delay in filing of Form No. 10-IC as per Rule 21AE of the Rules for previous year relevant to A.Y. 2021-22 is condoned in cases where the following conditions are satisfied:

1. The return of income for relevant assessment year has been filed on or before the due date specified under section 139(1) ofthe Act.

6. The assessee company has opted for taxation uls 115BAA of the Act in item (e) of “Filing Status” in “Part A-GEN” of the Form of Return ofIncome ITR-6.

31. Form No. 10-IC is filed electronically on or before 31.01.2024 or 3 months from the end of the month in which this Circular is issued, whichever is later.

(CBDT Circular 19/2023)