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As per income tax rules, the domestic companies should file Form 10-ID to exercise the option as per Section 115BAB. The Form 10-ID should be submitted before the due date of filing the income tax return specified in the Income Tax Act of the financial year commencing on or after 1st April 2020. By filing Form 10-ID, the domestic company can pay income tax at reduced rates of 15% (plus surcharge and cess), subject to fulfilling specified conditions.
Form 10-ID should be submitted electronically via the income tax e-filing portal. Login to your e-filing account and follow below steps:
There are broadly three sections of Form 10-ID