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of <h1>Finance Bill 2019-20 Amends Section 92CD on Assessing Officer's Powers for Modified Returns Post-Advance Pricing Agreement.</h1> The Finance Bill 2019-20 proposes an amendment to Section 92CD of the Income Tax Act to clarify the powers of the Assessing Officer regarding modified returns filed following an Advance Pricing Agreement (APA). Section 92CC allows the Central Board of Direct Taxes to enter into APAs to determine the Arm's Length Price for international transactions. The amendment specifies that if an assessment or reassessment is completed before a modified return is filed, the Assessing Officer should only modify the total income based on the APA, rather than starting a fresh assessment. This change is effective from September 1, 2019.
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