Circular -- CBDT issued circular for condonation of delay in filing the Form 10-IC for AY 2021-22, if filed on or before 31.01.2023 for all such companies which despite having opted for lower rate of tax u/s 115BAA in the ITR filed on due date has not filed the Form 10-IC and subjected to a higher rate.

 “3. On consideration of the matter, with a view to avoid genuine hardship to the domestic companies in exercising the option u/s 115BAA of the Act, CBDT in exercise of the powers conferred under section 119(2)(b) of the Act, hereby directs that: -

The delay in filing of Form No. 10-IC as per Rule 21AE of the Rules for previous year relevant to A.Y. 2021-22 is condoned in cases where the following conditions are satisfied:

i) 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;

ii) 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 –

iii) Forn 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.”

Circular No. 19/2023 dated 23.10.2023

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