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of <h1>CBDT Condones Delay in Filing Form 10-IC for AY 2020-21 u/s 119(2)(b) for Companies Opting 22% Tax Rate.</h1> The Central Board of Direct Taxes has issued a directive condoning the delay in filing Form 10-IC for the Assessment Year 2020-21 under section 119(2)(b) of the Income-tax Act, 1961. This form is necessary for domestic companies opting for a concessional tax rate of 22% under section 115BAA. The delay is condoned if the income return was filed by the due date, the company opted for section 115BAA in the return, and Form 10-IC is submitted electronically by June 30, 2022, or within three months from the circular's issuance, whichever is later.
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