Bombay HC: Insolvency Cannot be Used to Evade a Family Court’s Maintenance Order  ||  Kerala HC: Forklifts and Factory Cranes Are Motor Vehicles and Must be Registered under MV Act  ||  Guj HC: Edible Crude Palm Kernel Oil Qualifies for Duty Exemption; End-Use Condition not Applicable  ||  NCLAT Delhi: Advance under Land-Development MoU is not Financial Debt and Cannot Trigger CIRP  ||  NCLAT: NCLT Cannot Change Capital Structure of a Legally Compliant Successful Auction Purchaser  ||  Supreme Court: Endless Investigation and Long Delay in Filing Chargesheet Can Justify Quashing Case  ||  SC: Landowners Accepting Compensation Settlements Cannot Later Claim Statutory Benefits  ||  Supreme Court: Provident Fund Dues Have Priority over a Bank’s Claim under the SARFAESI Act  ||  Supreme Court: Indian Courts Cannot Appoint Arbitrators for Arbitrations Seated Outside India  ||  Madras HC: Police Superintendent not Liable For IO’s Delay In Filing Chargesheet or Closure Report    

Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22- (Ministry of Finance ) (23 Oct 2023)

MANU/DTCR/0019/2023

Direct Taxation

1. 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 17.03.2022 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.

2. 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.

3. 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(l) 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.

Tags : CONDONATION   DELAY   FORM NO. 10-IC  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved