CBDT vide Circular No 6/2022 Dated 17th March 2022 has decided to Condone the delay in Filing form 10-IC for the AY 2020-21 (First Year of Filing of this Form.)

As per Section 115BAA a Domestic Company has an option to pay tax at a concessional Rate of 22% subject to satisfaction of certain condition.

For exercising option under section 115BAA, the assessee company is required to submit Form 10- IC electronically on or before the due date of filing of return of income u/s 139(1).

Failure to furnish such option in the prescribed form on or before the due date specified u/s 139(1) results in denial of concessional rate.

Conditions to be Satisfied for Condonation of Delay in Filing Form 10-IC

  1. The return of income for A Y 2020-21 has been filed on or before the due date specified under section 139(1)
  2. 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 ITR-6
  3. Form 10-IC is filed electronically on or before 30.06.2022 or 3 months from the end of the month in which this Circular is issued, whichever is later.

For the Circular No 06/2022 Dated 17/03/2022, Click below:


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