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Form 10-IC – Format, How to Submit Income Tax Form 10-IC & FAQ

Updated on :  

08 min read.

The domestic companies should file Form 10-IC to exercise the option as per Section 115BAA of the Income Tax Act. By filing Form 10-IC, the domestic company can pay income tax at reduced rates of 22% (plus surcharge and cess), subject to fulfilling specified conditions. The said form should be submitted before the due date of ITR filing (specified in the Income Tax Act) of the financial year commencing on or after 1st April 2020.  

How to submit Form 10-IC?

Form 10-IC should be submitted electronically through the income tax e-filing portal. Follow the below steps to log in to your e-filing account:

  1. Go to e-file > Income Tax Forms > File Income Tax Forms. 
  2. Search for Form 10-IC and select the option’ Application for the exercise of option under Section 115BAA(5) of the Income Tax Act, 1961 (Form No. 10-IC)’.
  3. On the next page, select the relevant assessment year and proceed further to start filling out the application.

Steps to fill Form 10-IC

There are broadly four sections of Form 10-IC.

  1. In the first section, confirm the details of the assessing officer.
  1. The second section requires you to enter basic details (including personal information & nature of business activities) of the domestic company. Select Sector as per applicable nature of business. You can also mention the sub sector. 
  1. In the next section mention the details of IFSC units (if any) and option exercised under Section 115BA. If you  had opted for taxation u/s 115BA, you will need to withdraw the same by selecting the check box..
  1. In the verification page, enter the relevant details and agree to the terms and conditions.
  1. After filling all the details, preview all the details filled and submit.
  1. Verify and select ‘yes’ to proceed to e-verify. 

 6. The Form 10-IC should be e-verified using Digital Signature Certificate.

  1. On successful e-verification, the process of submitting Form 10-IC to the income tax department will complete.

Form 10-IC FAQs

  • How can I submit Form 10-IC to the income tax department?

    You can file form 10-IC through online mode only. You can file the same through the income tax e-filing portal.
  • What is the timeline for submitting Form 10-IC?

    Form 10-IC must be submitted before the ITR filing due date.
  • Is it required to file the form again for the next financial year?

    No. If you have opted for reduced tax rates under Section 115BAA once, it will be applicable to the subsequent financial years and you cannot withdraw from the same.
  • Is it necessary to e-verify Form 10-IC? How to e-verify Form 10-IC?

    Yes, it is important to e-Verify Form 10-IC. You must e-Verify using a Digital Signature Certificate (DSC).