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1. Form 10ID - Income tax
According to section 12A of the Income Tax Act, 1961, Form 10 is purposed for the registration of a religious charity, trust, or institution. A new producing domestic Company is allowed to exercise an option to pay taxes at a less tax rate of 15% along with the plus surcharges and cess as defined in section 115BAB (Tax on Income of certain new domestic manufacturing Companies) of the Income Tax Act, 1961. There are certain predefined conditions that are required to be fulfilled. However, if a company fails to satisfy the prescribed conditions in any previous year then the option will be invalid for that previous year along with any following year, and outcome of this, the company will be subjected to all additional conditions defined by the Act despite the fact that the option did not be exercised for that previous year or any following year.
2. How to submit Form 10-ID?
You can easily submit Form 10-ID via the income tax e-filing portal. For the submission of Form 10-ID, you just need to log in to your e-filing account. The first step is to go to the e-file and Income Tax Forms. Then go to the file section and click on Income Tax Forms. Choose ‘Application for the exercise of option under Section 115BAB (7) of the Income Tax Act, 1961 (Form No. 10-ID)’. Choose the appropriate assessment year and persist in filling out the application.
3. Steps to fill Form 10-ID
There are 3 considerable sections of Form 10-ID or fill-in. The first section requires confirming the details of the assessing officer. And the final section asks to fill out the self-acknowledgment form including standards as per section (115BAB) of the Income Tax Act. Then verify that you are not a robot rectification and agree to the terms and conditions shown on the Verification page. Later the next section requires your basic details. After this verification process is done, make sure to preview all the necessary details filled in. Verify the details and proceed to e-verify. You can e-verify using DSC (Digital Signature Certificate). After successful e-verification, Form 10-ID will be submitted to the income tax department. Summing up, All those registered users who are considered new manufacturing Domestic Companies are those who had been in the incorporation on or after October 1, 2019, and who have initiated production/manufacturing on or before March 31, 2023. You can contact us for all the queries and doubts you have. Regardless of any help or doubt about form 10 income tax.
Frequently Asked Questions
What is Form 10ID?
Form 10ID is an income tax return form that is filed by individuals who are residents of India. It is used to report their taxable income and calculate their tax liability for a financial year.
Who needs to file Form 10ID?
Form 10ID needs to be filed by individuals who are residents of India and have a taxable income for the financial year. This includes salary income, business income, capital gains, and income from other sources.
What is the due date for filing Form 10ID?
The due date for filing Form 10ID is July 31st of the financial year following the year in which the income was earned. For example, if the financial year is 2021-2022, the due date for filing Form 10ID is July 31st, 2022.
What is the penalty for late filing of Form 10ID?
If an individual fails to file Form 10ID by the due date, they may be subject to a late filing fee. The fee is typically calculated as a percentage of the tax due and increases with the number of days the return is late.
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