The CBDT issued Circular No. 19/2023 dated October 23, 2023 regarding the condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for the Assessment Year 2021-22.
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 March 17, 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.
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.
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. 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.
The Circular can be accessed at: https://incometaxindia.gov.in/communications/circular/circular-no-19-2023.pdf