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Tax Information & Services
Form Wizard
Form 10-IC
Form 10-IC, (4 of 4)
Form 10-IC
Return to IT Forms Wizard
About the Form
Form No. 10-IC
is filed to exercise the option of concessional tax regime under
section 115BAA(5)
of the Income Tax Act, 1961.
Relevant statute
Section 115BAA
of the Income-tax Act 1961
Rule 21AE
of the Income-tax Rules, 1962
Legal Provision
Section 115BAA
allows a domestic company to pay income-tax at the rate of 22% plus 10% surcharge and 4% cess (effective tax rate 25.17%) provided the total income is computed without claiming specified exemption or deductions.
The assessee must exercise the option to be taxed under
section 115BAA
by filing
Form No. 10-IC
on or before the due date specified under
section 139(1)
for furnishing the first return of income for the relevant assessment year.
Once the option is exercised for a previous year, it cannot be withdrawn for that or any other previous year. If the company fails to meet the conditions in
section 115BAA
for any previous year, the option becomes invalid for that year and the subsequent years. If the option is invalidated due to non-compliance, the company can exercise the option again under
section 115BAA.
If a domestic company’s option under
section 115BAB
becomes invalid due to violation of specified conditions, it may opt for
section 115BAA.
Further, on opting for
section 115BAA
, the option under
section 115BA
can be withdrawn.
Applicable for:
Domestic Company
Effective from:
Form No. 10-IC
was introduced by the IT (Fourth Amdt.) Rules, 2020, w.e.f. 1-4-2020.
Pre-requisite while filing the form?
Not Applicable
Due date
Assessee has to exercise the option in
Form No. 10-IC
on or before the due date for filing the return of income under
Section 139(1).
How to file it
Form no. 10-IC
is to be filed online at
https://www.incometax.gov.in/iec/foportal/
Income-tax Act, 1961
Income-tax Rules
Admin Date
5/15/26, 12:00 AM
Last Updated
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