CBDT notifies forms for exercising options under section 115BAA and 115BAB
These forms have been notified via the Income tax (4th Amendment) Rules, 2020 and they shall be effective from 1st April 2020. They can be used for exercising options of lower corporate tax rate under section 115BAA and 115BAB
Form No. 10-IC has been notified to Exercise of option under sub-section (5) of section 115BAA. Form No. 10-ID has been notified to Exercise of option under sub-section (7) of section 115BAB. Both the forms have to be furnished through digital signature or EVC.
Details like Name of the Company, PAN, Registered Address, Date of Incorporation, Nature of business or activities, date of commencement of production etc. are required to be provided.