Form 10-IC not filed for PY : Demand received

1418 views
User Avatar

Top Management
213 Points Posted on 25 December 2021

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 ?

 

0 Reply Share Follow
On 25 December 2021 at 22:28 Report
Replies (2)
Quick Summary
A domestic company missed the deadline for filing Form 10-IC, which is required to avail the beneficial tax rate of 22% under Section 115BAA. Consequently, the Income Tax authorities have issued a demand notice, taxing the income at 30% for AY 2020-21. The company has since filed Form 10-IC and is seeking remedial actions to have the income taxed at the intended 22% rate.

User Avatar

12 Points Posted on 31 December 2021

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

 

 

 

 

 

 

 

2 Reply
On 31 December 2021 at 06:01
User Avatar

Manager Finance in Bosch Limited
29 Points Posted on 10 January 2022

Much needed relaxation 

Reply
On 10 January 2022 at 16:08

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. CA Fees deduction for non audit case allowed?
  2. 5th Letter PAN Mismatch with Surname issues still
  3. Criteria to hire an article
  4. Guidence requested for a Finance Professional with
  5. Expert Opinion Required – Form 140 Gross Amo
  6. WRONG TAX DEMAND - formal responses , rectificatio
  7. Foreign remittance
  8. Affordable Residential Flats in Gurgaon
  9. Manufacturing
  10. TAN REGISTRATION ON E-FILLING SITE

More recent discussions | Post

Related Topics :

Loading