Section 115BAA of the Income-tax Act, 1961 (the Act) was inserted by the Taxation Laws (Amendment) Act, 201 9 w.e.f. 01.04.2020. As per the Section, the income-tax payable in respect o f the total income of a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after the I st day of April, 2020, shall, at the option of such person be computed at the rate of twenty-two per cent subject to satisfaction of conditions contained in sub-section(2) of the Section.
1.2 As per subsection (5) of section 115 BAA of the Act read with Ru le 2 1 AI, of the Income-tax Rules, 1962 (the Rules), the assessee company is required to submit Form 10- IC electronically on or before the due date of filing of return of income uls 13 9( I) of the Act and such option once exercised shall apply to subsequent assessment years.
1.3 Failure to furnish such option In the prescribed form on or before the due date specified uls 139( I) of the Act results in denial of concessional rate of tax of twenty-two per cent to such person.
Representations have been received by the Board stating that Form 10-IC could not be filed along with the return o f income for A Y 2020-21, which was the first year of filing of this form. It has been requested that the delay in filing of Form 10-IC may he condoned.
3. On consideration of the matter, with a view 10 avoid genuine hardship to the domestic companies in exercising the option uls 115BAA of the Act, the Central Board of Direct Taxes, in exercise of the powers conferred under section 119(2)(b) of the Act, hereby directs that :-
The delay in filing of Form 10-IC as per Rule 21AE of the Rules for the previous year relevant to A. Y 2020-21 is condoned in cases where the following conditions are satisfied:
i) The return of income for A Y 2020-21 has been filed on or before the due date specified under section 139( I) of the Act;
ii) The assessee company has opted for taxation uls 115BAA of the Act in (e) of “Filing Status” in “Part A-GEN” of the Form of Return of Income ITR-6 and
iii) Form 10-IC is filed electronically on or before 30.06.2022 or 3 month s from the end of the month in which this Circular is issued, whichever is later.
(Sourabh Jain)
Under Secretary (ITA-I)
Copy to :-
I. PS to FM/OSD to FM/PS to MoS (R) 10SD to MoS (R)
2. PPS to Secretary(Revenue)
3. The Chairman, CBDT & All Members, CBDT
4. All Pr. Chief Commissioners Of Income-lax/Pr. Director General of Income-tax.
5. Pr. Chief Controller of Accounts, New Delhi
6. All Joint Secretaries/CslT, CBDT
7. CIT(M&TP), CBDT and Official spokesperson of CBDT.
8. The Additional Director General (PR & PP), New Delhi.
9. Add!. CIT, Data-Base Cell – for placing it on www.irsofficersonline.gov.in
10. Web Manager, 0 /0 Pr.DG IT(Systems) with request to upload on the departmental website.
11. The Guard File.
For full detail click the link below :
https://www.dropbox.com/s/iechrxz9o4b7w92/circular-no-6-2022.pdf?dl=0