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Studycafe | Mar 18, 2022 | Views 230444

CBDT condones delay in filing form 10IC for AY 20-21: Know upto when to file the form to take concessional tax benefit

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.

Upto when to file the form to take concessional tax benefit?

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.

Download the Circular

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