Form 10-IC not filed-Here is the good news for you!

Condonation of delay in filing of Form 10-IC for A.Y. 2020-21

Form 10-IC not filed. Due date for filing 10-iC extended

Domestic companies has option to income @ 22% subject to certain conditions of section 115BAA. In order to avail benefit of reduced rate companies have to file e form 10-IC on or before the due date for filing of return u/s 139(1). Section 115BAA was applicable for assessment year beginning on or after April 01, 2020. Failure to furnish such option in the form 10-IC on or before the due date specified u/s 139(1) of the Act results in denial of concessional rate of tax of twenty-two per cent.

Representations have been received by the Board stating that Form 10-IC could not be filed along with the return of income for AY 2020-21, which was the first year of filing of this form. It has been requested that the delay in filing of Form 10-IC may be condoned.

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, the CBDT, in exercise of the powers conferred under section 119(2)(b) of the Act, issued Circular 06/2022 dated 17th March 2022 that:

The delay in filing of Form 10-IC as per Rule 21AE of the Rules for the previous year relevant to A.Y 2020-21 is condoned in cases where the following conditions are satisfied:

i) The return of income for AY 2020-21 has been filed on or before the due date specified under section 139(1) of the Act;

ii) The assessee company has opted for taxation u/s 115BAA of the Act in (e) of “Filing Status” in “Part A-GEN” of the Form of Return of Income ITR-6 and

iii) Form 10-IC is filed electronically on or before June 30, 2022 or 3 months from the end of the month in which this circular is issued (i.e. 17/03/2022), whichever is later.

Here is the Circular 06/2022 dated 17/03/2022 vide which delay in filing form 10-IC is condoned:


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