The Central Board of Direct Taxes (CBDT) has notified the amended rules to insert new provision Rule 12AD for the return of income filed by a successor entity to a business reorganization in Form ITR-A.
Rule 12AD provides for the return of income under section 170A as per which, “the modified return of income to be furnished by a successor entity to a business reorganization, as referred to in section 170A, for an assessment year, shall be in the Form ITR-A and verified in the manner specified therein. (2) The return of income referred to in sub-rule (1) shall be furnished electronically under digital signature. (3) If the assessment or reassessment proceedings for an assessment year relevant to a previous year to 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 Assessing Officer shall, pass an order modifying the total income of the relevant assessment year 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.”
The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the return in the manner specified in sub-rule (2).’
These rules may be called the Income-tax (31st Amendment) Rules, 2022. (2) They shall come into force from the 1st day of November, 2022.
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