Form 10 ID must be Filed within Due Date Specified u/s 139(1) for availing Concessional Rate u/s 115BAB : ITAT

The ITAT has ruled that "Form 10-ID must be filed within the due date specified under Section 139(1) to avail the concessional rate under Section 115BAB." The ruling clarifies a crucial procedural requirement for companies that wish to opt for the new concessional tax regime. The tribunal held that the filing of the form is a mandatory condition and that a belated filing cannot be condoned. This decision emphasizes the importance of timely compliance with statutory requirements.