Dear All,
Company A (Transferee) and Company B (Transferor) are merged effective 01-10-2022 as per NCLT order.
Now I am filing modified return of Company A for AY 23-24 by taking figures of Company from 01-10-22 till 31-03-2023.
Now Company B has balance in MAT credit and advance tax payments. How to carry forward these in the modified ITR. Please guide on specific fields where we can enter this information in the ITR.
Further, company has huge profits from period 01-04-22 till 30-09-22 and post this period there is loss, whereas huge advance tax payments are made in the Q3 & Q4 (i.e after cut off date), so how to account these in modified return.
Guidance on Carrying Forward MAT Credit and Advance Tax in Modified Return Under Income Tax Rules A merged company, effective from a specified date per regulatory approval, is filing a modified income tax return for the assessment year covering the post-merger period. The transferee company seeks guidance on carrying forward the transferor company's balance of MAT credit and advance tax payments in the modified return, specifically requesting the correct fields for entry. Additionally, the company reports profits before the merger date and losses afterward, with significant advance tax payments made after the merger cutoff. Clarification is sought on how to appropriately account for these tax payments and losses in the modified return to ensure accurate tax compliance. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
