CBDT issued an Order under section 119 of the Income-tax Act, 1961 (‘Act’) vide Circular No. 19/2023 dated 23.03.2023 to condone the delay in filing of Form No. 10-IC for Assessment Year 2021-22 as per Rule 21AE of the Income-tax Rules, 1962 ('the Rules') by domestic companies for exercising the option u/s 115BAA of the Act subject to fulfilment of certain conditions.
The condonation in the filing of Form 10-IC for AY 2021-22 is granted if all the following conditions are satisfied-
1. The return of income for relevant assessment year 2021-22 has been filed on or before the due date specified under section 139(1) of the Act.
2. The assessee company has opted for taxation u/s 115BAA of the Act in item (e) of “Filing Status” in “Part A-GEN" of the Form of Return of Income ITR-6.
3. Form 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.
This Circular was issued on 23.10.2023, hence, 3 months from the end of the month of October 2023 comes to 31.01.2024.
Read the full text of CBDT Circular No. 19/2023 dated 23.03.2023 on Condonation of Delay in Filing of Form 10-IC for AY 2021-22
Circular No. 19/2023
F.No.173/32/2022-ITA-1
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi the 23rd October, 2023
Sub: Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22 - Reg.
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. 6/2022 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.
2. 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.
3. 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) of the Act;
ii) The assessee company has opted for taxation u/s 115BAA of the Act in item (e) of “Filing Status” in “Part A-GEN" of the Form of Return of Income 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.
Director (ITA-I)
Download CBDT Circular No. 19/2023 dated 23.03.2023 on Condonation of Delay in Filing of Form 10-IC for AY 2021-22 in PDF format
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