CBDT extends timeline for filing of modified Income Tax Return (ITR) in Form ITR-A by a successor company u/s 170A from 30/09/2022 to 31/03/2023 in certain cases, where the order of business reorganisation was issued by the competent authority during 01/04/2022 and 30/09/2022.
CBDT Income Tax Order dt. 26/09/2022: Timeline for ITR Filing by Successor Companies u/s 170A extended upto 31/03/2023
Corrigendum dt. 27/09/2022 to CBDT Income Tax Order dt. 26/09/2022: Timeline for ITR Filing by Successor Companies u/s 170A extended upto 31/03/2023
The Finance Act, 2022 has inserted section 170A in the Income tax Act, 1961 (“the Act”) with effect from 01/04/2022 relating to effect of order of tribunal or court in respect of business reorganisation which provides that the entities going through such business reorganization, may furnish modified return of income for any assessment year to which such order of business reorganisation is applicable. The section further provides that such modified returns shall be furnished within a period of six months from the end of the month in which such order of business reorganisation was issued by the competent authority.
In pursuance thereof, form ITR-A has been notified vide notification G.S.R. 709(E) dated 19/09/2022 and comes into effect from 01/11/2022. This has, however, reduced the time available for furnishing modified returns for successor companies in cases where the order of business reorganisation of the competent authority was issued in the period between 01/04/2022 and 30/09/2022.
Therefore, in order to address this genuine hardship and provide adequate time for furnishing of return under section 170A of the Act, the Board hereby, allows that for successor companies in cases where the order of business reorganisation of the competent authority was issued between the period 01/04/2022 and 30/09/2022, the time available to furnish modified returns under section 170A of the Act shall stand extended to 31/03/2023.
This order shall come into force with immediate effect.
New IT Rule 12AD/ Form ITR-A for Return u/s 170A and Amendment in Form ITR-6: CBDT Income Tax Notification 110/2022