CBDT Grants Condonation for Form 10-IC filing for AY 2021–22 until January 31, 2024.

By Circular No. 6/2022 of even number dated 17.03.2022, the Central Board of Direct Taxes (CBDT) exercised the powers granted under section 119(2)(b) of the Income-tax Act, 1961 (the “Act”).

In cases where the conditions outlined in the said Circular are met, the CBDT Condoned the delay in filing Form No. 10-IC for the prior year relevant to A.Y. 2020–21 under Rule 21AE of the Income-tax Rules, 1962 (the “the Rules”).

CBDT has received representations claiming that Form No. 10-IC could not be submitted for A.Y. 2021–22 by the deadline or, if necessary, an extension. A request has been made to excuse the Form No. 10-IC for A.Y. 2021–2022 filing delay.

After giving the matter some thought and realizing that the domestic companies would find it difficult to exercise their option under Section 115BAA of the Act, CBDT, using the authority granted to it by Section 119(2)(b) of the Act, hereby directs that: – The following conditions must be met in order to excuse a delay in filing Form No. 10-IC in accordance with Rule 21AE of the Rules for the previous year that is relevant to A.Y. 2021–2022: I The income return for the applicable assessment year has been submitted by the deadline stipulated in section 139(1) of the Act; ii) The assessee company has chosen to be taxable under section 115BAA of the Act in item (e) of “Filing Status” in ‘”Part A-GEN” of the Form of Return of Income ITR-6; iii) Electronically file Form No. 10-IC by January 31, 2024, or within three months of the end of the month this circular is issued, whichever comes first.

Leave a Comment