How to file form 10-IC?

- Purpose of Form 10-IC [00:03]: This video explains Form 10-IC, which is an application for domestic companies to opt for paying income tax, surcharge, and cess at a concessional rate of 22%, subject to certain conditions.
- Who Can File [00:21]:
  - Domestic companies registered on the e-filing portal.
  - Companies must have a valid User ID and password.
  - Companies must have a valid and active Digital Signature Certificate (DSC).
  - The due date for filing the return under Section 139(1) should not have expired.
- Sections of Form 10-IC [00:41]:
  - Assessing Officer: Displays details of the Assessing Officer; the company can confirm these details.
  - Basic Information: Contains the company’s basic details and a description of its business activities. The company must select the applicable sector based on the nature of its business.
  - Additional Information: Requires confirmation regarding units in IFSC and whether the option under Section 115BA(4) was exercised by filing Form 10-IB. (Note: If taxation under Section 115BA was chosen, the option under Section 115BA(4) must be withdrawn).
  - Verification: A self-declaration form with criteria as per Section 115BAA of the Income Tax Act. The taxpayer must agree to the terms and conditions displayed on this page.
- How to File Form 10-IC Online [01:46]:
  1. Log in: Log in to the e-filing portal using the company’s User ID and password.
  2. Navigate to Income Tax Forms: On the dashboard, click “e-File,” then “Income Tax Forms,” and finally “File Income Tax Forms.”
  3. Select Form 10-IC: On the “File Income Tax Form” page, select “Persons having Business or Professional Income” and then choose “Form 10-IC.” Alternatively, you can search for “10 IC” in the search box.
  4. Choose Assessment Year: On the Form 10-IC page, select the relevant assessment year and click “Continue.”
  5. Start Filing: On the “Instructions” page, after reading the instructions, click “Let’s Get Started.”
  6. Fill Details: The Form 10-IC will appear. Fill in all the required details.
  7. Preview and Verify: Click “Preview.” On the preview page, verify the details and click “Proceed to e-Verify.”
  8. Submit and e-Verify: Click “Yes” to submit. You will be redirected to the e-Verify page, where you can verify using a Digital Signature Certificate.
  9. Confirmation: After successful e-verification, a success message with a Transaction ID and Acknowledgment Receipt Number (ARN) will be displayed. Note these for future reference. A confirmation message will also be sent to the registered email ID and mobile number.
- Further Information [03:03]: For more details, you can visit www.incometax.gov.in or contact their helpline numbers.