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Form 10-ID – Format & How to Fill Income Tax Form 10-ID

Updated on :  

08 min read.

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.

How to submit Form 10-ID?

Form 10-ID should be submitted electronically via the income tax e-filing portal. Login to your e-filing account and follow below steps:

  1. Go to e-file > Income Tax Forms > File Income Tax Forms. 
  2. Select ‘Application for the exercise of option under Section 115BAB(7) of the Income Tax Act, 1961 (Form No. 10-ID)’.
  3. Select the relevant assessment year and continue to start filling out the application.

Steps to fill Form 10-ID

There are broadly three sections of Form 10-ID

  1. In the first section, confirm the details of the assessing officer.
  1. In the final section, fill out the self-declaration form containing criteria as per Section 115BAB of the Income Tax Act. Select the check box and agree to the terms and conditions displayed on the Verification page.
  1. In the next section, basic information  needs to be filled.
  1. After verification, preview all the details filled.
  1. Verify the details and proceed to e-verify. 
  1. You can e-verify using Digital Signature Certificate.
  2. After successful e-verification, the Form 10-ID will be successfully submitted to the income tax department.

Form 10-ID FAQs

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

    You can file form 10-ID electronically through the e-Filing portal
  • What is the timeline for filling out this form?

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

    No. If you have opted for reduced tax rates under Section 115BAB once, it will be applicable to subsequent financial years and cannot be withdrawn.
  • Is it necessary to e-verify Form 10-ID? How to e-verify Form 10-ID?

    Yes, it is essential to e-Verify Form 10-ID. You have to e-Verify using a Digital Signature Certificate (DSC).