The tax department has given big relief to some companies in the matter of filing income tax returns. This relief is for those companies which have gone through business reorganization. CBDT has now given more time to such companies to file modified income tax returns.
Got time till 30th June
CBDT issued an order regarding this on Thursday. According to the CBDT order, companies undergoing business reorganization can now file modified returns till June 30. The increase in the deadline is going to provide relief to those companies whose business has undergone corporate developments like merger, demerger or amalgamation.
What does the CBDT order say?
According to the CBDT order, companies undergoing reorganization, especially the scheme of amalgamation, merger or demerger or the process of succession after insolvency under the approval received from the competent authority, can now file modified returns till June 30, 2024. The extension in the deadline for modified returns is for those companies whose reorganization process has started after June 2016 and before April 2022.
Provision made in Finance Bill 2022
A provision for filing modified returns was made in the Finance Bill 2022 for companies undergoing business reorganization. Such companies were asked to file modified income tax returns after reorganization. However, this was applicable only to those companies for which the reorganization order had come between April 1 and September 30, 2022.
CBDT order clears up confusion
After the provision of modified returns in the Finance Bill 2022, a situation of confusion had arisen in front of those companies whose reorganization order had come before April 1, 2022. After the new order of CBDT, the confusion has been cleared and the companies starting the process of reorganization before the implementation of Finance Bill 2022 have got additional time to file modified returns.
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