Quick Summary
CBDT has issued Order videF. No. 370142/41/2022-TPL dated September 26, 2022extends the timeline for filing of modified Income Tax Return (ITR) in Form ITR-A by a successor company under section 170A of the Income tax Act, 1961 (the IT Act) from September 30, 2022 to March 31, 2023. The Finance Act, 2022 has inserted section 170A in the Income tax Act, 1961 (the Act) with effect from April 01, 2022 relating to effect of order of tribunal or court in respect of business reorganisation which pr
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FAQ :
The deadline for filing modified Income Tax Returns (ITR) in Form ITR-A by successor companies under section 170A has been extended to March 31, 2023.
Successor companies that have undergone business reorganisation and received an order from a competent authority are eligible to file a modified ITR under section 170A.
Section 170A, inserted by the Finance Act 2022, relates to the effect of orders from tribunals or courts concerning business reorganisation, allowing entities to furnish modified returns of income.
The deadline was extended to address the genuine hardship faced by successor companies and to provide adequate time for furnishing modified returns, especially when the business reorganisation order was issued between April 1, 2022, and September 30, 2022.
Form ITR-A was notified and came into effect from November 1, 2022.
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