CBDT extends timeline for filing of modified ITR in Form ITR-A by a successor company under section 170A of Income Tax Act till March 31, 2023 in in cases where the order of business reorganization of the competent authority was issued between the period 1st April 2022 and 30th September 2022.
F.No. 370142/41/2022-TPL
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Direct Taxes)
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New Delhi, 26th September, 2022
Subject: Order under section 119 of the Income-tax Act, 1961- reg.
The Finance Act, 2022 has inserted section 170A in the Income tax Act, 1961 (“the Act”) with effect from April, 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.
2. In pursuance thereof, form ITR-A has been notified vide notification G.S.R. 709(E) dated 19th September, 2022 and comes into effect from the 1st day of November, 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 1st April, 2022 and 30th September, 2022.
3. 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 1st April, 2022 and 30th September, 2022, the time available to furnish modified returns under section 170A of the Act shall stand extended to 31st March, 2023.
4. This order shall come into force with immediate effect.
5. The Hindi version of this order shall follow.
(Shefali Singh)
Under Secretary to the Government of India
F.NO. 370142/41/2022-TPL
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
(CENTRAL BOARD OF DIRECT TAXES)
(TAX POLICY AND LEGISLATION DIVISION)
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New Delhi, 27th September, 2022
CORRIGENDUM
In the order under section 119 of the Income tax Act, 1961, F.No. 370142/41/2022-TPL dated 26th September, 2022 issued by the Central Board of Direct Taxes, in paragraph 3 “30th September, 2023″ shall be read as “30th September, 2022″.
[Shefali Singh]
Under Secretary, TPL-IV
