The Central Board of Direct Taxes has notified Rule 12AD of the Income Tax Rules, 1962 (“IT Rules”) and Form ITR-A as the return of income to be filed electronically by a successor entity to a business reorganization under Section 170A of the Income Tax Act, 1961. Rule 12AD of the IT Rules is applicable from November 1, 2022 and allows the Income Tax Authorities to pass an order modifying the total income or complete the assessment or re-assessment proceedings in accordance with the order of the business reorganization and the modified return so furnished.
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