Cos under recast get more time to file modified income returns

In a major relief to companies undergoing business reorganisation such as amalgamation, merger or demerger, the Central Board of Direct Taxes (CBDT) has allowed them to file modified returns of income with an extended deadline...

Companies undergoing business reorganisation, particularly those involved in schemes of amalgamation, merger, or demerger or succession post insolvency sanctioned by competent authorities, after June 2016 but prior to April 1, 2022, may now file modified return up to June 30, CBDT said in an order issued on Thursday...

Experts said the CBDT decision underscores the government's commitment to a business-friendly ecosystem as it brings relief to companies whose reorganisation orders were issued before the implementation of the Finance Bill 2022...

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