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Condonation of Delay in filing of Form 10-IC for AY 21-22

Circular No. 19 of 2023

Circular Date: 23rd October 2023

Applicable Date: 23rd October 2023

Relevant Act / Rule: Income Tax 1961

Relevant Section / Rule: Section 115BAA

Companies opting for concessional tax rate of 22% under section 115BAA of Income Tax Act 1961 have to file Form 10-IC on or before the due date specified under sub-section (1) of Section 139 for furnishing the returns of the income for the previous year to avail the benefit.

Through Circular No. 19/2023, Government of India has condoned the delay in filing of Form No. 10-IC as per Rule 21AE for previous year relevant to A.Y. 2021-22.

The delay in filing of Form No. 10-IC 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) of the Act;
  • The assessee company has opted for taxation u/s 115BAA of the Act in item (e) of “Filing Status” in “Part A-GEN” of the Form of Return of Income ITR-6; and
  • Fonn 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.

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