ITR Deadline : These companies got relief, got time till June for modified returns

ITR Deadline: It is obligatory for companies present process reorganization to file modified returns. The newest order of CBDT is about the identical…

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The tax division has given large aid to some companies within the matter of submitting earnings tax returns. This aid is for these companies which have gone by way of enterprise reorganization. CBDT has now given extra time to such companies to file modified earnings tax returns.

Got time till thirtieth June
CBDT issued an order relating to this on Thursday. According to the CBDT order, companies present process enterprise reorganization can now file modified returns till June 30. The improve within the deadline goes to offer aid to these companies whose enterprise has undergone company developments like merger, demerger or amalgamation.

What does the CBDT order say?
According to the CBDT order, companies present process reorganization, particularly the scheme of amalgamation, merger or demerger or the method of succession after insolvency beneath the approval from the competent authority, can now file modified returns till June 30, 2024. The extension within the deadline for modified returns is for these companies whose reorganization course of has began after June 2016 and earlier than April 2022.

Provision made in Finance Bill 2022
A provision for submitting modified returns was made within the Finance Bill 2022 for companies present process enterprise reorganization. Such companies had been requested to file modified earnings tax returns after reorganization. However, this was relevant solely to these companies for which the reorganization order had come between April 1 and September 30, 2022.

CBDT order clears up confusion
After the supply of modified returns within the Finance Bill 2022, a state of affairs of confusion had arisen in entrance of these companies whose reorganization order had come earlier than April 1, 2022. After the brand new order of CBDT, the confusion has been cleared and the companies beginning the method of reorganization earlier than the implementation of Finance Bill 2022 have got extra time to file modified returns.

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