New Rule 12AD on Return of income under section 170A inserted in the Income-tax Rules, 1962
G.S.R 709(E).—In exercise of the powers conferred by section 170A read with section 295 of the Incometax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:–
- Short title and commencement.—(1) These rules may be called the Income-tax (31st Amendment) Rules, 2022.
(2) They shall come into force from the 1st day of November, 2022. - In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 12AC, the following rule shall be inserted, namely:––
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12AD. Return of income under section 170A.—
(1) The modified return of income to be furnished by a successor entity to a business reorganisation, as referred to in section 170A, for an assessment year, shall be in the Form ITR-A and verified in the manner specified therein.
(2) The return of income referred to in sub-rule (1) shall be furnished electronically under digital signature.
(3) If the assessment or reassessment proceedings for an assessment year relevant to a previous year to which the order of the business reorganisation applies have been completed or are pending on the date of furnishing of the modified return in accordance with the provisions of section 170A, the Assessing Officer shall, pass an order modifying the total income of the relevant assessment year determined in such assessment or reassessment, or proceed to complete the assessment or reassessment proceedings, as the case may be, in accordance with the order of the business reorganisation and the modified return so furnished.
(4) The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the return in the manner specified in sub-rule (2).’. - In the principal rules, in Appendix-II,––
(I) in Form ITR-6, for every assessment year commencing on the 1st day of April, 2022 or any earlier assessment year, in the Part A-GEN, for entries of serial number (A19)(a)(i), the following shall be substituted, namely:—
| “(A19) (a) | (i)Filed u/s (Tick) [Please see instructions] | □139(1) – On or before due date, □139(4) – After due date, □139(5) -Revised return, □ 92CD – Modified return, □119(2)(b) – After condonation of delay, □170A – After order by the tribunal or court.”; |
(II) after the ITR – Ack, the following Form ITR-A (ITR under section 170A) shall be inserted, namely:––
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