Form 10 IC due date extended for AY 2021-22

| |

The CBDT (Central Board of Direct Taxes) has released a new notification on October 23, 2023. This new notification is a huge relaxation and allows people more time to submit a Form 10IC for the year 2021-22. Let’s understand it in detail so that you can benefit from it.

CBDT’s New Deadline for Form 10-IC

  • The CBDT has extended the deadline to file Form 10-IC for the financial year 2021-22 to January 31, 2024.
  • This is because many companies faced challenges in filing the form by the original deadline or the extended deadline.

Eligible for the extension, companies must meet the following conditions:

  • The  relevant assessment year’s ITR Filing is completed on or before the due date.
  • The company must have opted for taxation under section 115BAA of the Income-tax Act.
  • Form 10-IC must be filed electronically by January 31, 2024, or within three months from the end of the month in which Circular No. 19/2023 is issued, whichever date is later.

Source: Circular No. 19/2023 

Taxation Benefits through Form 10-IC & Section 115BAA

  • Section 115BAA of the Income Tax Act allows domestic companies to pay tax at a lower rate of 22% (plus surcharge and cess), but only if they don’t take advantage of certain deductions and incentives.
  • Companies can choose this lower rate starting from the 2020-21 tax year, but only if they file Form 10-IC on time.
  • By filing Form 10-IC, domestic companies can pay income tax at the reduced rate of 22% (plus surcharge and cess), as long as they meet certain conditions.

Stepwise Process to submit Form 10-IC 

  • Log in to the Income tax e-filing portal.
  • Go to e-file > Income Tax Forms > File Income Tax Forms.
  • Search for Form 10-IC and select the option ‘Application for the exercise of option under Section 115 BAA(5) of the Income Tax Act, 1961’.
  • Select the relevant assessment year and click Continue.
  • Fill in all the required details in the four sections of Form 10-IC:
    • Section 1: Assessing Officer
    • Section 2: Basic Details
    • Section 3: Other Information
    • Section 4: Verification
    • Preview and submit the form.
  • E-verify the form using a Digital Signature Certificate.
  • Once the form is successfully e-verified, it will be submitted to the income tax department. You will receive a confirmation on your registered email ID.

Important Note: Form 10-IC can only be filed online.

For getting Form 1o-IC filed or any other queries, feel free to contact our taxation experts at: 8881-069-069.

Form 10IE is mandatory for ITR Filing in new regime

Download E-Startup Mobile App and Never miss the latest updates narrating to your business.


What is Corporate Tax Rate in Singapore Company

Types of FSSAI Licence


Leave a Comment