CBDT Announces Relief: Extension Granted for Form 10-IC Filing for Assessment Year 2021-22

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:

• The Central Board of Direct Taxes (CBDT) had previously, by Circular No. 6/2022 dated 17.03.2022, condoned the delay in filing of Form No. 10-IC for the Assessment Year 2020-21 under certain conditions.

• Representations were received by the CBDT stating that Form No. 10-IC could not be filed for the Assessment Year 2021-22 within the due or extended due date. Requests were made to condone the delay for this year as well.

• After consideration, to avoid genuine hardships to domestic companies, the CBDT has decided to condone the delay in filing of Form No. 10-IC for the Assessment Year 2021–22 under the following conditions:

1. The return of income for the 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 the "Filing Status" section of the Return of Income ITR-6 form.

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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