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of <h1>Taxpayer must file modified return within three months after APA; assessments adjusted and limitation periods extended twelve months</h1> Where a taxpayer enters into an advance pricing agreement (APA) after having already filed a return for an affected assessment year, the taxpayer must file a modified return limited to the APA within three months from the end of the month in which the APA was entered into. The modified return is treated as a return under the Act and other provisions apply accordingly. If assessment/reassessment was completed before the modified return deadline, the tax officer must amend the total income of the relevant year in accordance with the APA; if proceedings are pending, they must be completed taking the modified return into account. Time limits for issuing such amendment orders are extended, and pending assessment limitation periods are extended by twelve months.
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