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Forms notified for exercising option u/s 115BAA and 115BAB

Notification 10/2020

Income tax Expert by Income tax Expert
February 17, 2020 - Updated on February 23, 2020
in Income Tax News
6
Tax rate of domestic companies slashed/ reduced to 15% and 22% – What’s the truth? – A Summary
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CBDT had vide notification dated 12.02.2020 notified 2 forms, Form no. 10-IC and 10-ID for section 115BAA and 115BAB respectively.

These forms needs to submitted electronically under digital signature or electronic verification code.

The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), shall – specify the procedure for filing of Form No. 10-IC/ ID, specify the data structure, standards and manner of generation of electronic verification code, referred to in sub-rule (2), for verification of the person furnishing the said Form and be responsible for formulating and implementing appropriate security, archival and retrieval policies in relation to the Form so furnished.

Such form needs to be signed and filled by a proper officer of a company on behalf of the company.

He needs to accept all the conditions as mentioned in the Form below and will also accept that once such option is exercised it cannot be taken back.

notification_10_2020

You can download the notification HERE.

If you need assistance you can ask a question to our expert and get the answer within an hour or post a comment about your views on the post and also subscribe to our newsletter for latest weekly updates.

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Tags: section 115BAASection 115BAB
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Comments 6

  1. Mahesh says:
    5 years ago

    Hi

    While filling the form 10IC automatically designation of principle officer is coming as liquidator and also it is not editable

    Can you suggest

    Reply
    • ADMIN says:
      5 years ago

      Please check the Principle contact tab in profile tab of E filing.

      Regards,
      Team Taxontips.com

      Reply
  2. Pingback: ITR 6 now available on e filing website | What are the latest changes in ITR 6? - Taxontips
  3. Pingback: Forms 10-IC, 10-ID now available on e-filing website | What is Form 10-IC, 10-ID? Link with 115BAA and 115BAB - Taxontips
  4. Pingback: Will Capital gain be taxed at 22% and 15% for companies opting for 115BAA and 115BAB respectively - Taxontips
  5. Pingback: New ITR 1 to 7 for AY 2020-21 notified by CBDT - Detailed analysis of important amendments - Taxontips

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