{"id":22367,"date":"2021-10-20T16:00:06","date_gmt":"2021-10-20T10:30:06","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=22367"},"modified":"2021-10-23T06:31:55","modified_gmt":"2021-10-23T01:01:55","slug":"delay-in-exercising-option-as-prescribed-under-115baa5","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/delay-in-exercising-option-as-prescribed-under-115baa5\/","title":{"rendered":"Delay in exercising option as prescribed under 115BAA(5)"},"content":{"rendered":"<p>Dear Expert,<\/p>\n<p>A private company filed its tax return for FY 2019-20 and availed the benefit of lower tax rate as prescribed under section 115BAA<\/p>\n<p>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\u00a0 (about 2m delay).<\/p>\n<p>Sub section (5) states Nothing contained in this section shall apply unless the option is exercised by the person in the prescribed manner\u00a0on or before the due date specified under sub-section (1) of\u00a0<a>section 139<\/a> for furnishing the returns of income for any previous year relevant to the assessment year commencing on or after the 1st day of April, 2020 and such option once exercised shall apply to subsequent assessment years<\/p>\n<p>Form 10IC could not be filed at the point of filing tax return as there was some error in the portal. But there is no proof of error available for record. In this scenario, can we take a position that filing of the Form is just a technical formality? Also note that Covid-19 related disruptions were prevailing at this time. Do we strictly interpret the section or whether we can conclude that even though the form is filed with a little delay tax payer could assert his choice to apply lower rate of tax u\/s 115BAA?\u00a0 Thank you for shedding light on this issue.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[403,400,401,390],"class_list":["post-22367","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-delay-in-exercising-option","qa_tag-delay-in-filing-form-no-10-ic","qa_tag-error-in-the-portal","qa_tag-section-115baa"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/22367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=22367"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=22367"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=22367"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=22367"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=22367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}