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Form 10-IC not filed for PY : Demand received

Tax queries 1229 views 2 replies

Prateek

Top Management

213 Points Joined August 2009

As per Sec 115BAA, Beneficial rate of 22% is eligible only when form 10IC was filed before filing the ITR by a domestic company.

Form 10IC was inadvertently not filed for AY 20-21 before due date and now demand 143(1) has been passed by the IT authorities for the AY 2020-21 consider 30% as the tax rate.

We have filed 10IC this month only.

Questions:

1. Remedial actions, if any for this so that Income is taxed @ 22% for the AY 20-21

2. Whether IT authorities are correct to Tax @ 30% or should 25% we charged ?

Replies (2)

nirav kotecha

12 Points Joined July 2017

Hi Prateek,

This has happened with many companies. Representations were given to CBDT for relaxation for the same but no response. Have you been able to file 10IC for AY 2020-21?

Answer to your queries:

1. Submit 10IC in Hard Copy with AO and reply to demand online. Application for rectification u/s 154 to be filed for mistake apparent from record (Appeal can also be preferable)

2. 30% is rightly charges as no option (Y/N wet Turnover of 400 Crore) can be selected in ITR if 115BAA is selected in Part-A