CBDT’s Circular granting the relief if there is a delay in filing of Form 10-IC or Form 10-ID to avail concessional tax regime (CTR) under Sections 115BAA and 115BAB

 

CBDT has issued Circular No. 17/2024 which is a Crucial Update for India Tax Compliance. This circular grants relief if there is a delay in filing of Form 10-IC or Form 10-ID to avail concessional tax regime (CTR) under Sections 115BAA and 115BAB

The CBDT’s latest Circular No. 17/2024 could be a turning point for those who’ve missed filing Form 10-IC or Form 10-ID to avail themselves of the concessional tax regime (CTR) rates of 22% and 15% under Sections 115BAA and 115BAB, respectively.

The crux of the matter is compliance within the stipulated deadlines, which is essential for securing the CTR for the relevant assessment year (AY).

Recognizing that certain genuine circumstances may lead to delays the CBDT has provided a remedy through this circular, which empowers Principal Commissioner /Commissioners to condone delays of up to 365 days. For longer delays, the authority rests with Principal Chief Commissioners/Chief Commissioners/Directors General of Income Tax.

This is a significant development for companies that have inadvertently missed the deadline, are entangled in disputes over CTR benefit disallowances, or have pending condonation applications. The circular offers a window of opportunity to rectify the oversight and align with compliance mandates.

The copy of the circular is as under:

1732123272149