CBDT issues Circular Condoning Delay for Form No. 10-IC Filing for AY 2021-22; Extended till 31st January 2024 [Read Circular]

The Central Board of Direct Taxes (CBDT), vide circular no. 19/2023 issued on 23rd October 2023 has addressed the condonation of the delay in filing Form No. 1O-IC under section 119(2)(b) of the Income-tax Act, 1961. The deadline to file the form has been extended to 31st January 2023 or 3 months from the end of the month in which this Circular is issued, whichever is later.

Exercising authority granted by Section 119(2)(b) of the Income-tax Act, the CBDT issued Circular No. 6/2022, dated 17.03.2022, which allowed for the condonation of delays in the submission of Form No. 10-IC as prescribed by Rule 21AE of the Income-tax Rules, 1962 for the prior year relevant to Assessment Year (A.Y.) 2020-21 under certain specific conditions.

The board has received requests and representations indicating that for Assessment Year (A.Y.) 2021-22, Form No. 10-IC could not be submitted within the stipulated due date or the extended due date, as applicable. These requests seek the condonation of the delay in filing Form No. 10-IC for A.Y. 2021-22.

On consideration of the matter, with a view to avoid genuine hardship to the domestic companies in exercising the option under Section  115BAA of the Income Tax Act, CBDT in exercise of the powers conferred under section 119(2)(b) of the Income Tax Act, hereby directed 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: 

1. 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;
2. 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 ofIncome ITR-6; and
3. 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.

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