Modified return under Advance Pricing Agreement requires filing and assessment adjustments within prescribed timelines. Section 92CD mandates that taxpayers who furnished a return under section 139 for an assessment year covered by an APA must file a modified return within ... Summary
Modified return under Advance Pricing Agreement requires filing and assessment adjustments within prescribed timelines.
Section 92CD mandates that taxpayers who furnished a return under section 139 for an assessment year covered by an APA must file a modified return within three months from the end of the month in which the APA was entered into, limited to and in accordance with the APA. The Assessing Officer must reassess or recompute income in completed assessments if the modified return is filed, and must complete pending proceedings taking the modified return into account; orders under section 92CD(3) must be passed within one year from the end of the financial year in which the modified return is furnished, and limitation periods for pending assessments are extended by 12 months.
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