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of <h1>Clause 169: Taxpayers Must Submit Modified Returns Within 3 Months of APA Under Section 263, Extending Assessment Periods</h1> Clause 169 of the Income Tax Bill, 2025, addresses the effect of advance pricing agreements (APAs) on tax returns. If a taxpayer has filed a return for a year covered by an APA before the agreement was made, they must submit a modified return within three months of the agreement's date. This modified return is treated as a standard return under section 263. If assessment proceedings were completed before the modified return, the Assessing Officer must adjust the income accordingly. If pending, the officer will complete them based on the modified return. The statute extends the limitation period for completing assessments by twelve months in specific cases.
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