CBDT notifies form ITR-A for filing of modified return by successor entity

The Central Board of Direct Taxes(CBDT) has notified Form ITR-A for filing of modified return by successor entity via issuing Notification.

Via this Notification CBDT announce Rule 12AD and Form ITR-A as return of income under Section 170A to be filed by the successor entity pursuant to a business reorganization.

These rules may be called the Income-tax (31st Amendment) Rules, 2022 and will come into force with effect from Nov 1, 2022.

The Rule provides that if the assessment or reassessment proceedings for an AY relevant to the year in which the order of the business reorganization applies have been completed or are pending on the date of furnishing of the modified return in accordance with the provisions of section 170A, the AO shall, pass an order modifying the total income of the relevant AY determined in such assessment or reassessment, or proceed to complete the assessment or reassessment proceedings, as the case may be, in accordance with the order of the business reorganization and the modified return so furnished.

Its also modifies ITR-6 for AY 2022-23 or prior Assessment years to include a tick box for ITR filed as per Section 170A.

To Read Official Notification Download PDF Given Below: