Last updated: September 29th, 2022 5:09 PM

Income-tax (31st Amendment) Rules, 2022 - Form ITR-A

Central Board of Direct Taxation (CBDT) vide Notification No. 110/2022 dated 19.09.2022 notified the Income-tax (31st Amendment) Rules, 2022. With this, CBDT notified new Rule 12AD and modified income return Form ITR-A. The new ITR -A to be furnished by a successor entity to business reorganization, as referred to in section 170A for an assessment year. The new Rule 12AD shall come into force from 1st November 2022. The present article briefly details the Income-tax (31st Amendment) Rules, 2022 - Form ITR-A. Know more about the ITR Forms for the AY 2022-23 or FY 2021-22

Section 170A of the Income Tax Act

In a case of business reorganization, were before the date of order of a High Court or tribunal or an Adjudicating Authority as defined in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016, as the case may be, the successor has furnished any return of income under the provisions of section 139 for any assessment year relevant to the previous year to which such order applies, such successor shall provide, within six months from the end of the month in which the said order was issued, a modified return in such Form and manner, as may be prescribed, following and limited to the said order. Under section 170A, the Successor entity has been allowed to furnish a modified return of income within six months from the end of the month in which any Court issues the reorganization order. The CBDT notifies the modified ITR Form in ITR-A by exercising the powers conferred by section 170A of the Act.

Rule 12AD of Income-tax Rules

• Rule 12AD provides for furnishing modified income returns per the provisions of section 170A of the Income tax act.
• The modified return of income to be furnished by a successor entity to a business reorganization for an assessment year shall be in Form ITR-A and verified in the manner specified therein.
• The modified return of income in ITR-A shall be furnished electronically under a digital signature.
• Suppose the assessment or reassessment proceedings for an assessment year relevant to a previous year to which the order of the business reorganization applies have been completed or are pending on the date of furnishing the modified return following the provisions of section 170A. In that case, the Assessing Officer will pass an order changing the total income of the applicable assessment year determined in such assessment or reassessment or proceed to complete the assessment or reassessment proceedings following the order of the business reorganization and the modified return so furnished.
• The existing ITR-6 (applicable for Companies) has been modified to include information related to filing returns under section 170A of the Income Tax Act.

Form ITR-A

• The new ITR Form in ITR-A requires providing information about PAN and others for both the predecessor and all the successor companies. 
• It also requires giving information of filing of previous returns, including acknowledgment number and date of filing, if any, under the provisions of section 139 or others of the predecessor company.
• Details of the Order and the date of incorporation of the business organization are also required

The new Form ITR-A notified is attached here for reference: For more information about Income Tax Filing in India, visit IndiaFilings.com