Condonation in filing of Form 10-IC
- 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.
- 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.
- 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: –
- 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:
- The return of income for relevant assessment year has been filed on or before the due date specified under section 139(1) ofthe Act.
- 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.
- 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)