Form 10-IC Format — Section 115BAA Concessional Tax Rate Opt-In Certificate

The Form 10-IC exercise-of-option report under Section 115BAA — the 22% concessional corporate tax regime, without specified incentives/deductions.

Free · CORAA original — SA-aligned

Updated 28 Jul 2026

Statutory basis

Section 115BAA(5), Rule 21AE

Rate

22% + applicable surcharge/cess, no MAT applicability

Once exercised

Cannot be withdrawn for the same or any subsequent year

Companion

Form 10-ID — new manufacturing companies, Section 115BAB

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Your firm — letterhead

Appears at the top of the document as the audit firm letterhead.

Audit firm name

Audit firm address

Used as the letterhead block.

Engagement partner

ICAI membership no.

Firm registration no.(optional)

Engagement details

The client and period this document is for.

Name of assessee

PAN

Address of assessee

Status

Previous year ended

Assessment Year

GSTIN (if registered)(optional)

Date of report

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Form 10-IC Format — Section 115BAA Concessional Tax Rate Opt-In Certificate

31 July 2026

FORM No. 10-IC

Application for exercise of option under sub-section (5) of section 115BAA of the Income-tax Act, 1961.

We report that {{client_name}} (PAN: {{client_pan}}), a domestic company, has exercised the option to be assessed under Section 115BAA of the Income-tax Act, 1961 for Assessment Year {{assessment_year}} and subsequent assessment years.

Conditions verified

Total income has been computed without claiming any deduction under Sections 10AA, 32(1)(iia) (additional depreciation), 32AD, 33AB, 33ABA, 35(1)(ii)/(iia)/(iii)/35(2AA)/35(2AB), 35AD, 35CCC, or any deduction under Chapter VI-A (other than Section 80JJAA / 80M, where applicable).
Total income has been computed without set-off of any brought-forward loss or unabsorbed depreciation attributable to any of the above deductions.
Depreciation under Section 32, other than additional depreciation under 32(1)(iia), has been claimed in the manner prescribed.
This option, once exercised for a previous year, applies to that year and all subsequent assessment years and cannot be subsequently withdrawn for the same or any other previous year.

This form is required to be furnished electronically on or before the due date specified under Section 139(1) for furnishing the first return of income for which the option is exercised.

For {{firm_name}}

Chartered Accountants

Firm Registration No.:

_______________________________

Partner

Membership No.: {{icai_membership_no}}

UDIN: ____________________

Place: ____________________

Date: 31 July 2026

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What’s inside

An excerpt from the template.

FORM No. 10-IC

Application for exercise of option under sub-section (5) of section 115BAA of the Income-tax Act, 1961.

We report that ___ (PAN: ___), a domestic company, has exercised the option to be assessed under Section 115BAA of the Income-tax Act, 1961 for Assessment Year ___ and subsequent assessment years.

Conditions verified

↑ Excerpt only — the full template is what you download as Word

About this template

What you’re downloading, and when to use it.

This template follows the format published by the Institute of Chartered Accountants of India (ICAI) in the AASB Audit Working Paper Templates (June 2023), the authoritative reference for Indian statutory-audit documentation. Fill in your firm’s letterhead and the engagement details on the form above, click Download Word file, and you’ll get a fully formatted .docx ready to use.

Everything is generated in your browser and on a stateless API endpoint — no account, nothing stored on our servers. We’ll ask for a work email once before your first download so we can send you the file and the occasional relevant update; after that, downloads on this device are instant. Edit freely in Word, Google Docs or Pages before sending to your client.

Common questions

FAQs.

What is the benefit of opting into Section 115BAA?

A domestic company opting under Section 115BAA is taxed at a concessional rate (22%, plus applicable surcharge and cess) but must forgo specified deductions/incentives (additional depreciation, various investment-linked deductions, and most Chapter VI-A deductions). Companies exercising this option are also not liable to Minimum Alternate Tax under Section 115JB.

Can a company switch back to the normal tax regime after opting for Section 115BAA?

No — once the option is exercised for a previous year, it applies to that year and every subsequent assessment year and cannot be subsequently withdrawn for the same or any other previous year. This is an irrevocable, permanent election, so it should be evaluated carefully before filing Form 10-IC.

By when must Form 10-IC be filed?

Form 10-IC must be furnished electronically on or before the due date specified under Section 139(1) for filing the return of income for the assessment year in which the option is first exercised — filing it late can jeopardise the validity of the option, so it should not be left until the last date.

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