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30 Apr 2020

Fox Mandal Newsletter – Tax Updates

Forms (Form 10IC and Form 10ID) for the exercise of lower Income Tax Rate option have been notified vide Notification No. 10/2020 dated 12/02/2020. The companies that wish to avail the beneficial rate of 22 percent under section 115BAA have to file Form 10-IC on or before the due dates mentioned in sections 139(1) i.e. on or before October 31 (extended by Finance Bill 2020 from September 30). Similarly, the new domestic manufacturing companies, incorporated after October 1, 2019, that wish to be taxed under the concessional tax rate of 15 percent under section 115BAB must file Form 10-ID on or before October 31.

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