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Circular No.6/2022 F.No.173/32/2022-ITA-1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Income Tax Circular 06/2022 | Dated: 17th March, 2022 Sub: Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing
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FAQ :
Form 10-IC is an electronic form that domestic companies must submit to opt for a concessional income tax rate of 22% under Section 115BAA of the Income-tax Act.
The circular condones the delay in filing Form 10-IC for Assessment Year 2020-21, allowing companies that missed the original deadline to still avail the concessional tax rate.
Conditions include filing the income tax return for AY 2020-21 by the due date, opting for Section 115BAA taxation in the ITR-6, and filing Form 10-IC electronically by 30.06.2022 or three months from the circular's issue date, whichever is later.
Failure to furnish Form 10-IC by the specified due date results in the denial of the concessional tax rate of 22%.
Domestic companies that intended to opt for the 22% tax rate under Section 115BAA for AY 2020-21 but could not file Form 10-IC by the original due date.
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