FORM 10IC

This query is : Resolved

Angel (Querist)
Follow

21 April 2021 Hi,
I have forgotten to file Form 10IC before filing of return. Kindly let me know what remedy is available to rectify the same.
At present, I have received intimation from the Income Tax department with demand raised.
Please help.
Thank you in advance

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

27 November 2021 You should have filed revised return after filing the form 10IC.

Prateek

Prateek (Expert)
Follow

25 December 2021 What is the solution now . What should we do now so that Tax is levied @ 22% for AY 20-21 after receipt of demand.

Upgrade to CAclubindia Pro. Subscribe Now!

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
Follow

25 July 2024 If you have forgotten to file Form 10IC (presumably for claiming deduction under Section 80-IC of the Income Tax Act) before filing your return and have received a demand notice from the Income Tax department, here are the steps you can take to rectify the situation:

1. **File Form 10IC:**
- As soon as possible, file Form 10IC with the Income Tax department. This form is required to claim deduction under Section 80-IC for certain industrial undertakings or enterprises located in certain states.
- Ensure that you fill out the form accurately and attach all necessary documents as required.

2. **Rectification Request:**
- After filing Form 10IC, file an application for rectification under Section 154 of the Income Tax Act. This rectification request should state that Form 10IC has been filed belatedly and request the correction of your tax assessment.
- You can file the rectification request online through the Income Tax e-filing portal under the 'Rectification' option.

3. **Response to Demand Notice:**
- Respond to the demand notice you have received from the Income Tax department. Typically, the demand notice will specify the reason for the demand and the amount.
- If the demand is related to the non-claim of deduction under Section 80-IC due to non-filing of Form 10IC, once you file Form 10IC and submit the rectification request, the department will process your rectification and adjust the tax liability accordingly.

4. **Payment of Demand (if applicable):**
- If the demand notice requires you to make a payment, ensure you pay the demand amount within the specified timeframe to avoid further penalties or interest charges.
- The payment should be made electronically through the Income Tax department's website or through designated banks.

5. **Follow-Up:**
- Monitor the status of your rectification request through the Income Tax e-filing portal. The department usually processes rectification requests within a reasonable timeframe.
- Once the rectification is processed, the demand will be adjusted accordingly, and any excess tax paid will be refunded or adjusted against other pending dues.

6. **Consultation with a Tax Professional:**
- If you are unsure about the process or need assistance, consider consulting with a tax professional who can guide you through the specific requirements and procedures involved in rectifying the omission of Form 10IC.

By following these steps and ensuring timely compliance with the Income Tax department's requirements, you can rectify the situation regarding Form 10IC and the demand notice received. Always keep records of all communications and filings for future reference and audit purposes.