Mumbai ITAT has ruled that late filing of Form 10IC should not prevent eligible taxpayers from availing the concessional corporate tax rate under Section 115BAA. The order states that filing Form 10IC is a procedural requirement and the intent to opt for the new tax regime is more important.

Without altering tax rates, the ongoing review of the Income Tax Act of 1961 seeks to enhance compliance and streamline tax regulations. This project aims to improve digital integration, eliminate out-of-date provisions, and make the Act easier to use. It is anticipated to be finished by mid-December 2024, and taxpayers can anticipate more transparency and lower compliance expenses.