The Income Tax Department has given big relief to companies on the income tax front. The Income Tax Department has given companies another chance to correct their mistakes by filling 10-IC declaration. Now an opportunity will be given again to choose the option of lower tax i.e. 22 percent slab. Whereas for lower tax in the financial year 2021- 22, Form 10-IC will have to be filled by 31 January 2024.
Will be able to file Form 10-IC till 31 January 2024
The department wrote in a social media post that it had received requests to provide relief in this matter and companies can now file Form 10-IC till January 31, 2024 with certain conditions. Earlier, due to not giving declaration for lower tax slab, the department had sent a notice to pay 30 percent + MAT tax.
If companies file Form 10-IC within the prescribed deadline, they are free to opt for this concessional rate from FY 2020. CBDT said that one of the conditions for condoning the delay is that the income tax return for the relevant assessment year should be filed on or before the due date.
What is Form 10-IC
Form 10-IC is required to be filed only if a domestic company chooses to pay tax at the concessional rate of 22 per cent under section 115BAA of the Income Tax Act 1961. You can file Form 10-IC only in online mode after logging in to the e-filing portal.