Form 10-IC & 10-ID notified by CBDT to avail reduced corporate taxes

The Income Tax (I-T) Department has recently announced the reduced corporate tax for which it had recently notified forms for companies to avail the lower corporate taxes.

Forms 10-IC and 10 –ID have been notified by the Central Board of Direct Taxes (CBDT) for existing companies willing to avail lower I-T rate and new manufacturing firms, respectively.

Form 10-IC will have to be filed by the companies that wish to avail the beneficial rate of 22% upon relinquishment of the exemptions/incentives offered under the Income Tax Act. The e-Form 10-IC, which has to be furnished either under digital signature or electronic verification code (EVC), seeks general details of the company like name, PAN, registered address, date of incorporation and nature of business activities.