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of <h1>New Tax Rules for Business Reorgs: Validate Predecessor Assessments, Modify Returns, Adjust Demands. Effective April 1, 2022.</h1> Amendments to Chapter XV of the Act address taxation procedures during business reorganizations. Section 170 will include a new sub-section (2A) to validate assessments made on predecessor entities during pending reorganizations, deeming them to be on the successor. A new section 170A allows modified tax returns for the period between the reorganization's effective date and the final order's issuance. Additionally, section 156A will be introduced to adjust tax demands per court or tribunal orders, ensuring the viability of restructured entities. These changes are effective from April 1, 2022.
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