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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.
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:
There are broadly four sections of Form 10-IC.
6. The Form 10-IC should be e-verified using Digital Signature Certificate.