Delayed Filing of Form 10-IC – Substantive Right vs. Procedural Lapse

Kworks Technologies Private Limited Vs DCIT (ITAT Delhi) The concessional corporate tax regime under Section 115BAA of the Income-tax Act, 1961, introduced by the Finance Act, 2019, provides eligible domestic companies the option to be taxed at a reduced rate of 22% (plus applicable surcharge and cess). This option, however, comes with specific conditions—most importantly, the company must exercise its option by filing Form 10-IC electronically under Rule 21AE of the Income-tax Rules, 1962, on or before the due date of return filing under Section 139(1). Once exercised, the option is ir...