CBDT notifies Form 10-IC and Form 10-ID for Concessional Corporate Taxation [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified two forms namely Form 10-IC and Form 10-ID. These forms were announced for Concessional Corporate Taxation Regime in September, 2019

These options will be exercised by a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after the 1^st day of April, 2020. For companies filing tax as per section 115BAA of the income Act, Form 10-IC is applicable and the Tax rate is 22%. For companies filing tax as per section 115BAB of the Income Tax Act, Form 10-ID is applicable and Tax Rate is 15%.