CBDT has condoned the delay in filing Form 10-IC for the Assessment Year 2021-22, u/s 119(2)(b) of the Income-tax Act, 1961, vide Circular 19/2023, as under:
CBDT Income Tax Circular 19/2023 dated 23/10/2023: Condonation of Delay in Filing Form 10-IC for AY 2021-22
Earlier CBDT has issued Circular 6/2022 to condone the delay in filing Form 10-IC under IT Rule 21AE for the AY 2020-21, subject to certain conditions.
Now for AY 2021-22, CBDT has extended the due date for filing of Form 10-IC based on representations from stakeholders as the same could not be filed within the due date/extended due date and the requests were made to condone the delay.
Condonation of Delay
After considering the matter and to avoid genuine hardship to domestic companies in exercising the option under section 115BAA of the Act, the CBDT has decided to condone the delay in filing Form 10-IC for AY 2021-22. This decision is in exercise of the powers conferred under section 119(2)(b) of the Income Tax Act, 1961. The delay in filing Form No. 10-IC for AY 2021-22 is condoned provided the following conditions are satisfied:
i) The return of income for the 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 under section 115BAA of the Act in item (e) of “Filing Status” in “Part A-GEN” of the Form of Return of Income ITR-6.
iii) Form 10-IC is filed electronically on or before January 31, 2024, or 3 months from the end of the month in which this Circular is issued, whichever is later.
This move by the CBDT is a welcome relief for domestic companies that were unable to file Form 10-IC for AY 2021-22 within the stipulated time frame. It is important for companies to ensure they meet the conditions laid out in the circular to benefit from this extension.