Quick Summary
CBDT has released an order dated March 13, 2024, in accordance with section 119 of the Income-tax Act, 1961 (referred to as the IT Act), aimed at providing assistance to successor companies engaged in business reorganizations such as amalgamations, mergers, or demergers authorized by competent bodies, including High Courts, Tribunals, or Adjudicating Authorities under the Insolvency and Bankruptcy Code, 2016. Official copy of the order has been mentioned below The Board is in receipt o
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FAQ :
The CBDT has allowed successor companies, whose business reorganisation orders were issued after June 1, 2016, but before April 1, 2022, to e-file modified income tax returns.
Successor companies engaged in business reorganisations like amalgamations, mergers, or demergers, where the sanctioning order from a competent authority was issued between June 1, 2016, and April 1, 2022, are eligible.
Taxpayers must make their first communication to the JAO by April 30, 2024.
The electronic filing of the modified return by the taxpayer must be completed by June 30, 2024.
No, companies whose business reorganisation orders were issued after June 1, 2016, but prior to April 1, 2022, no longer need to file a separate application under section 119(2)(b) of the Act.
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