The Central Board of Direct Taxes (“CBDT”) on 12th January 2022 has issued clarification on Form 10CCB to avoid errors in form filing and verification.
Form 10CCB shall be assigned to respective Chartered Accountant (CA) from “My CA” functionality and once the CA successfully submits the form, taxpayer can accept/reject the Form 10CCB under “Worklist” functionality.
In case a CA needs to file multiple forms for the same Assessment Year, taxpayer must assign the form to same CA from “My CA” functionality again. The assignment can only happen when there are no forms which are active for action either by CA or taxpayer.
In case taxpayer needs to assign Form 10CCB to different CAs for same Assessment Year, taxpayer must assign the form to different CA from “My CA” functionality again. The assignment can only happen when there are no forms which are active for action either by CA or taxpayer.
Section 80-IB of the Income-tax Act, 1961 (IT Act) provides for the deduction in respect of profit and gains from certain industrial undertaking other than infrastructure development undertaking. In order to claim deduction under this section, one of the requirements is that the accounts for the relevant year has been audited by the accountant and the taxpayer furnishes such an audit report in Form 10CCB. If the Form 10CCB is not filed before the due date, the deduction under section 80-IB of the IT Act can be denied.
