Consequences of Non filing of form 10-IC

[KKGS andCo]

As per Sec 115BAA, Beneficial rate of 22% is eligible only when form 10IC was filed before filing the ITR by a domestic company. If the form is filed for AY 2020-21, the 143(1) passed by the IT authorities consider 30% as the tax rate, though 25% is eligible.

Questions:

1. When was form 10IC made available in the Income tax portal ?

2. Remedial actions, if any for this.

AI Summary

Failure to file Form 10IC can lead to denial of concessional corporate tax treatment; file, rectify, or seek administrative relief.
Failure to file Form 10IC before filing the return can cause the assessing system to deny the concessional corporate tax rate and generate an adverse intimation; practitioners recommend filing the form if possible, replying to demand notices, seeking rectification as an apparent record error, lodging appeals, and pursuing coordinated administrative representations to obtain relief when portal constraints prevent retrospective filing.