Section 115BAA

CBDT condones delay in filing of Form-10 IC

Income Tax - Section 115BAA of Income Tax Act, 1961 was inserted by The Taxation Laws (Amendment) Act, 2019  w.e.f. April 01, 2020. By virtue of aforesaid section, the tax rate for domestic Companies has been reduced to 25.168 percent from the earlier 27.82 percent. As per subsection (5) of section 115BAA of the Act read with Rule 21AE of […...

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Condonation of delay or waiver for filling of Form 10-IC under new tax regime

Income Tax - The Central Government vide Notification dated 11.12.2019 inserted Section 115BAA after Section 115BA with effect from financial year 01.04.2019. As per the provisions of said section, the domestic companies can exercise the option to pay tax at the concessional rate, i.e. 22 percent + surcharge 10 percent +cess 4 percent subject to the f...

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Concessional Rates of Income Tax @ 22% for Companies in India

Income Tax - Concessional Rates of Income Tax @ 22% for Companies in India Applicable from AY 2020-21 – FY 2019-20 ♦ Income tax @22% in place of 25% or 30% under the Section 115-BAA 1. Income Tax @ 22% is applicable on the Companies (i) All Indian companies are permitted to avail concessional rate of income tax […]...

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Non Submission of Form 10IC prior to filing of ITR-6 by Companies opting 115BAA

Income Tax - Section 115BAA was introduced in Income Tax Act, 1961 through Taxation Laws Amendment Act 2019, in order to simplify tax laws, according to which companies were given option to pay tax at lower rates. As per sec 115 BAA (5), the option once exercised shall apply to subsequent assessment years. The company is required to […]...

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Analysis of sections providing concessional rate of tax (section 115BAA/ 115BAC/115BAD)

Income Tax - Analysis of sections providing concessional rate of tax (section 115BAA/ 115BAC/115BAD) The finance act 2019 introduced a new section 115BAA for domestic companies, which provides option to pay tax at concessional rate of 22% (Plus surcharge and Educational Cess). Further in line with the option provided to domestic companies, similar opt...

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Request to CBDT to permit delayed filing of Form 10IC

Income Tax - Request to CBDT to permit filing of Form 10IC after expiration of  time limit by condoning delay Issuance of Order under Section 119(2)(b) of the Income Tax Act, 1961...

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Filing of form 10IC after filing of ITR but before due date of filing ITR

Income Tax - Representation with regard to application of old tax rates due to filing form 10IC after submitting ITR but before due date filing ITR as per provisions of section 115BAA...

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ITAT allowed section 115BAA benefit as CIT(A) wrongly concluded that assessee not filed return of income

Ujjivan Small Finance Bank Vs ADIT (ITAT Bangalore) - Ujjivan Small Finance Bank Vs ADIT (ITAT Bangalore) In this case The CIT(A) had denied the benefit of lower tax rate u/s 115BAA of the I.T. Act for the reason that the assessee has not filed the return of income on or before the due date specified u/s 139(1) of the I.T. Act. In this […]...

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Gujarat HC allows Condonation Application for Filing Form 10-IC

Rajkamal Healds And Reeds Pvt. Ltd. Vs Assistant Director of Income Tax (Gujarat High Court) - Rajkamal Healds And Reeds Pvt. Ltd. Vs Assistant Director of Income Tax (Gujarat High Court) HC disposed of this writ application reserving the liberty for the writ applicant to file an appropriate application addressed to the Chief Commissioner Income Tax under Section 119 (2) (b) of the Act referr...

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CPC applied tax rate of 25% instead of Section 115BAA rate of 22% – HC directs CPC to dispose rectification application

LG Electronics India Private Limited Vs DCIT (Delhi High Court) - . In the present writ petition, it has been averred that though the Petitioner had opted to be taxed under Section 115BAA of the Act, wherein tax rate of 22% has been prescribed, yet the Respondents by the impugned order has applied the tax rate of 25% as mandated under Section 115BA of the Act....

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CBDT condones default in filing Form 10-IC

Income Tax Circular 06/2022 - (17/03/2022) - CBDT issues Income Tax Circular 06/2022 | Dated: 17th March, 2022 to condone the default in filing Form 10-IC to avail lower tax rate of 22% under section 115BAA for AY 2020-21. Form 10-IC can now be filed till 30 June 2022, if Income Tax return was originally filed within due date and the option [&...

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Forms for exercise of Lower Income Tax rate option for Companies released

Notification No. 10/2020-Income Tax [G.S.R. 110(E)] - (12/02/2020) - CBDT notifies forms for exercising option u/s 115BAA and 115BAB – Notification No. 10/2020, dated 12-02-2020 Section 115BAA deals New tax rate for domestic companies and Section 115BAB deals with Corporate tax rate for new manufacturing companies for Financial Year 2019-20 onwards. Now CBDT has re...

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Recent Posts in "Section 115BAA"

ITAT allowed section 115BAA benefit as CIT(A) wrongly concluded that assessee not filed return of income

Ujjivan Small Finance Bank Vs ADIT (ITAT Bangalore)

Ujjivan Small Finance Bank Vs ADIT (ITAT Bangalore) In this case The CIT(A) had denied the benefit of lower tax rate u/s 115BAA of the I.T. Act for the reason that the assessee has not filed the return of income on or before the due date specified u/s 139(1) of the I.T. Act. In this […]...

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Gujarat HC allows Condonation Application for Filing Form 10-IC

Rajkamal Healds And Reeds Pvt. Ltd. Vs Assistant Director of Income Tax (Gujarat High Court)

Rajkamal Healds And Reeds Pvt. Ltd. Vs Assistant Director of Income Tax (Gujarat High Court) HC disposed of this writ application reserving the liberty for the writ applicant to file an appropriate application addressed to the Chief Commissioner Income Tax under Section 119 (2) (b) of the Act referred to above with a request to […]...

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CBDT condones delay in filing of Form-10 IC

Section 115BAA of Income Tax Act, 1961 was inserted by The Taxation Laws (Amendment) Act, 2019  w.e.f. April 01, 2020. By virtue of aforesaid section, the tax rate for domestic Companies has been reduced to 25.168 percent from the earlier 27.82 percent. As per subsection (5) of section 115BAA of the Act read with Rule 21AE of […...

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Posted Under: Income Tax |

CBDT condones default in filing Form 10-IC

Income Tax Circular 06/2022 17/03/2022

CBDT issues Income Tax Circular 06/2022 | Dated: 17th March, 2022 to condone the default in filing Form 10-IC to avail lower tax rate of 22% under section 115BAA for AY 2020-21. Form 10-IC can now be filed till 30 June 2022, if Income Tax return was originally filed within due date and the option […]...

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CPC applied tax rate of 25% instead of Section 115BAA rate of 22% – HC directs CPC to dispose rectification application

LG Electronics India Private Limited Vs DCIT (Delhi High Court)

. In the present writ petition, it has been averred that though the Petitioner had opted to be taxed under Section 115BAA of the Act, wherein tax rate of 22% has been prescribed, yet the Respondents by the impugned order has applied the tax rate of 25% as mandated under Section 115BA of the Act....

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Condonation of delay or waiver for filling of Form 10-IC under new tax regime

The Central Government vide Notification dated 11.12.2019 inserted Section 115BAA after Section 115BA with effect from financial year 01.04.2019. As per the provisions of said section, the domestic companies can exercise the option to pay tax at the concessional rate, i.e. 22 percent + surcharge 10 percent +cess 4 percent subject to the f...

Read More
Posted Under: Income Tax |

Concessional Rates of Income Tax @ 22% for Companies in India

Concessional Rates of Income Tax @ 22% for Companies in India Applicable from AY 2020-21 – FY 2019-20 ♦ Income tax @22% in place of 25% or 30% under the Section 115-BAA 1. Income Tax @ 22% is applicable on the Companies (i) All Indian companies are permitted to avail concessional rate of income tax […]...

Read More
Posted Under: Income Tax |

Request to CBDT to permit delayed filing of Form 10IC

Request to CBDT to permit filing of Form 10IC after expiration of  time limit by condoning delay Issuance of Order under Section 119(2)(b) of the Income Tax Act, 1961...

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Posted Under: Income Tax | ,

Non Submission of Form 10IC prior to filing of ITR-6 by Companies opting 115BAA

Section 115BAA was introduced in Income Tax Act, 1961 through Taxation Laws Amendment Act 2019, in order to simplify tax laws, according to which companies were given option to pay tax at lower rates. As per sec 115 BAA (5), the option once exercised shall apply to subsequent assessment years. The company is required to […]...

Read More
Posted Under: Income Tax |

Analysis of sections providing concessional rate of tax (section 115BAA/ 115BAC/115BAD)

Analysis of sections providing concessional rate of tax (section 115BAA/ 115BAC/115BAD) The finance act 2019 introduced a new section 115BAA for domestic companies, which provides option to pay tax at concessional rate of 22% (Plus surcharge and Educational Cess). Further in line with the option provided to domestic companies, similar opt...

Read More
Posted Under: Income Tax |

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