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of <h1>Finance Bill 2023: Clause 77 mandates modified income return filing within six months post-reorganisation order.</h1> Clause 77 of the Finance Bill, 2023 proposes to replace Section 170A of the Income-tax Act concerning business reorganisations. It mandates that successors in a business reorganisation must file a modified income return within six months from the order issued by a High Court, tribunal, or Adjudicating Authority. If assessment proceedings are completed, the Assessing Officer must modify the total income based on the reorganisation order and the modified return. If proceedings are pending, the officer must reassess the total income accordingly. This amendment, effective from April 1, 2023, defines 'business reorganisation' and 'successor' for clarity.
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