Delay in exercising option as prescribed under 115BAA(5)

Dear Expert, A private company filed its tax return for FY 2019-20 and availed the benefit of lower tax rate as prescribed under section 115BAA However, filing of form 10-IC as prescribed under sub section 5 of section 115BAA was done much later due to inadvertence. Return was filed within statutory due date but form 10IC was filed in Feb 2021  (about 2m delay). Sub section (5) states Nothing contained in this section shall apply unless the option is exercised by the person in the prescribed manner on or before the due date specified under sub-section (1) of section 139 for furnishing…

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