CBDT Condones Delay In Filing Of Form No. 10-IC For Assessment Year 2021-22

The Central Board of Direct Taxes (CBDT) has notified the condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22.

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

The Board has received the representations 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 has been requested that the delay in filing of Form No. 10-IC for A.Y. 2021-22 may be condoned.

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

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

Secondly, the assessee company has opted for taxation under section 115BAA of the Act in item (e) of "Filing Status" in "Part A-GEN" of the Form of Return of Income ITR-6.

Lastly, 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.

Circular No. 19/2023

Date: 23/10/2023

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