Income Tax: CBDT Allows Delay For Form 10-IC Filing By Domestic Companies

The CBDT has now officially announced big news. Now they have allowed the delay for Form 10 IC filing by the domestic companies. This news has been announced recently by CBDT. CBDT has officially stated that after a very big discussion, the authorities have now decided to condone the delay in filing Form 10-IC of the Income Tax. At this time this is on the grounds of alleviating genuine hardships which have been faced by the domestic companies. To learn everything regarding this decision by CBDT read this entire article without missing any single line.

CBDT

According to the Central Board of Direct Taxes (CBDT), there has been a decision made by the authority that there has been a delay in the filing of Form No 10-IC which has the stipulated and the authority has now also extended the deadlines by the domestic companies. This news was officially announced on 23rd October 2023, Monday. Many people don’t know what is CBDt so it is an authority that is under section 119(2)(b) of the Income Tax Act 1961, The From No 10-IC is now going to be filed by various domestic companies according to the Rule 21AE of the IT Rules, 1962. Scroll down to learn more information.

It was recently announced on Twitter (X) that many people are having difficulties in filing Form 10-IC for AY 22. So regarding that many people reported this to CBDT to look at this. So now the CBDT has received the representation which indicates some of the taxpayers who are currently not able to file Form 10-IC for AY 22 in the stipulated or the extended deadlines. Many taxpayers have currently requested a delay in filling the Form 10-IC. So on that, CBDT has released great news. They have They have officially announced the delay. Continue reading.

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CBDT has claimed that after very serious consideration, they have stepped on a decision to condone the delay. At this time it is on the grounds of alleviating the real problems which have been faced by the domestic companies who are opting for the taxation which is under section 115BAA of the I-T Act. This section officially allows the company to pay the tax at the concessional rate of 22. The effective tax rate including the cess and surcharge is 25.168%. The companies that have not followed the criteria that have been mentioned now want to pay 30% tax with Minimum Alternate Tax (MAT) according to the I-T notices.

Prakash Israni
Prakash Israni

Prakash, the content creator for Techballad, has built a solid reputation for himself over the course of more than ten years of blogging