On consideration of representations received, CBDT vide Circular 19/2023 condones the delay in filing of Form 10-IC as per Rule 21AE of the Income-tax Rules, 1962 for previous year relevant to AY 2021-22.
The relevant conditions that need to be satisfied for the condonation of delay are:
•The Return of Income for the relevant AY has been filed on or before the due date specified u/s 139 (1) of the Income-tax Act, 1961
•The assessee company has opted for taxation u/s 115 BBA of the Act in item (e) of “filing Status” in “Part A-GEN” of the Form of Return in ITR-6
•Form 10-IC is filed electronically on or before 31.01.2024 or 3 months from the end of the month in which Circular is issued, whichever is later.
Circular No.19/2023 Dated 23 October 2023
In exercise of the powers conferred under section 119(2)(b) of the Income-tax Act, 1961 (‘the Act’), the Central Board of Direct Taxes (‘CBDT’) by Circular No. 612022 of even number dated 17.03.2022 condoned the delay in filing of Form No. 10-IC as per Rule 21AE of the Income-tax Rules, 1962 (‘the Rules’) for the previous year relevant to A.Y. 2020-21 in cases where the conditions stipulated in the said Circular are satisfied.
Representations have been received by CBDT stating that Form No. 10-IC could not be filed for A.Y. 2021-22 within the due date or extended due date, as the case may be. It has been requested that the delay in filing of Form No. 10-IC for A.Y. 2021-22 may be condoned.
On consideration of the matter, with a view to avoid genuine hardship to the domestic companies in exercising the option u/s 115BAA of the Act, CBDT in exercise of the powers conferred under section 119(2)(b) of the Act, hereby directs that:
The delay in filing of Form No. 10-IC as per Rule 21AE of the Rules for previous year relevant to A.Y. 2021-22 is condoned in cases where the following conditions are satisfied:
i) The return of income for relevant assessment year has been filed on or before the due date specified under section 139(1) ofthe Act;
ii) The assessee company has opted for taxation uls 115BAA of the Act in item ( e) of “Filing Status” in “Part A-GEN” of the Form of Return ofIncome ITR-6; and
iii) Fonn No. 10-IC is filed electronically on or before 31.01.2024 or 3 months from the end of the month in which this Circular is issued, whichever is later.
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