Condonation of delay under section 119 of Income Tax Act 1961 (The Act) for filing of Form No. 10-IC for the Assessment Year 2021-22

Central Board of Direct Taxes (CBDT), by exercising its powers under section 119 of the Act, provides relaxation in respect of following compliance:

Earlier form 10-IC in reference to domestic companies having exercising the option under section 115BAA of Act ( to apply lower Income Tax rate), for the Previous Year 2020-21 relevant to Assessment Year 2021-22 need to be filed on or before due date for filing the return of income under the section 139(1) of the Act.

To remove the difficulties faced by taxpayer the new deadline for filing form 10-IC in reference to under section 115BAA of the Act has been extend to 31^st, January 2024 subject to the following conditions are satisfied:

• The return of income was filed within due date specified under section 139(1) of the Act;
• The assessee company was opted section 115BAA of the Act while filing return of income ITR- 6.