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Tax Alert | Underwent Business Reorganization – The Clock Is Ticking April 15, 2024
Published in: Alerts
DISCLAIMER: The material contained in this publication is solely for information and general guidance and not for advertising or soliciting. The information provided does not constitute professional advice that may be required before acting on any matter. While every care has been taken in the preparation of this publication to ensure its accuracy, Vaish Associates Advocates neither assumes responsibility for any errors, which despite all precautions, may be found herein nor accepts any liability, and disclaims all responsibility, for any kind of loss or damage of any kind arising on account of anyone acting/ refraining to act by placing reliance upon the information contained in this publication.
We are pleased to share our thoughts on the recent CBDT order dated 13 March 2024, wherein blanket approval has been granted to successor companies to furnish the return of income with modified particulars for the relevant assessment year(s) in accordance with and limited to the order of business reorganization (amalgamation or demerger or merger) sanctioned by the competent authority by using functionality on e-filing portal. Such approval has been granted where orders of the competent authority has been issued after 01 June 2016 but prior to 01 April 2022.
The move is expected to give significant relief to successor companies that have undergone business reorganisation or have been acquired under the Companies Act, 2013 and/ or under the Insolvency and Bankruptcy Code, 2016. It would be advisable for the taxpayers to avail of this short window provided by the CBDT order to file modified return rather than leaving the same to uncertainty after the closure of the timelines.
Considering the stringent timelines involved, entities having undergone business reorganisations wherein approvals from the competent authority have been received between 01 June 2016 to 01 April 2022, are required to furnish applications along with details prescribed in the proforma on or before 30 April 2024.
We trust that you will find the same useful.
For any details and clarifications, please write to Mr. Rohit Jain at [email protected]
Looking forward to receiving your valuable feedback.
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