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of <h1>Business reorganizations require successor entities to file modified returns within six months under Clause 314</h1> Clause 314 of the Income Tax Bill, 2025 addresses tax treatment of business reorganizations, requiring successor entities to file modified returns within six months of reorganization orders. The provision mandates assessing officers to modify completed assessments or conduct pending assessments based on these modified returns. Similar to Section 170A of the Income Tax Act, 1961, it covers amalgamations, demergers, and mergers sanctioned by courts or tribunals. The clause defines business reorganization scope and successor entities, aiming to provide procedural clarity and prevent double taxation while ensuring correct tax liability computation post-reorganization.
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