Studycafe | Mar 18, 2022 |
CBDT condones delay in filing form 10IC for AY 20-21: Know upto when to file the form to take concessional tax benefit
Central Board of Direct Taxes (CBDT) today has issued a general circular condoning delay in filing form 10-IC for the Assessment Year 2020-21 to claim concessional rate of tax at a rate of 22% under section 115BAA of the Income Tax Act.
Now, this form can be filed up to 30.6.2022.
Domestic companies can pay tax at a reduced rate of 22% (plus relevant surcharge and cess) under Section 115BAA of the Income Tax Act if they do not take advantage of certain deductions and incentives. From Assessment Year 2020-21 onwards, companies can only use the concessional rate provided they complete Form 10-IC by the deadline.
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