Section 115BAA: No Fresh Form 10IC Needed for Lower Tax Rate in Subsequent Years

Narayani Laxmi Viniyog Pvt. Ltd. Vs ITO (ITAT Kolkata) In the case of Narayani Laxmi Viniyog Pvt. Ltd. Vs ITO (ITAT Kolkata), the assessee, a private limited company, contested the tax rate applied to its income for the assessment year (AY) 2023-24. The company had filed its return on time and calculated its tax liability at a lower rate of 22%, as provided under Section 115BAA of the Income Tax Act, 1961. However, the Centralized Processing Centre (CPC) assessed the tax at 40%, citing that the company had not opted for the reduced tax rate by filing the requisite Form 10IC. Upon appeal, the C...