The Central Board of Direct Taxes vide circular dated 26.09.2022 has extended the due date for submission of income tax return by successor companies. The Ministry of Finance on 19th September 2022, published the Income-tax (31st Amendment) Rules, 2022. Through this amendment, a new rule 12AD on return of income U/S 170A has been inserted and a new form ITR-A has been introduced for ‘successor entities’ to furnish their return of income u/s 170A of the Income Tax Act, 1961 consequent to business reorganization.
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 reorganization of the competent authority was issued between the period 01/04/2022 and 30/09/2022, the time available to furnish modified returns under section 170A of the Act shall stand extended to 31/03/2023.
