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of <h1>Finance Bill 2023 amends Section 170A: Successors must file modified returns post-business reorganization within six months.</h1> The Finance Bill 2023 proposes amendments to Section 170A of the Income Tax Act, addressing business reorganizations under the Insolvency and Bankruptcy Code, 2016. It mandates that successors in a business reorganization file a modified return within six months of the reorganization order, even if a return was previously filed. This aims to prevent litigation by clarifying obligations for modified returns and the role of Assessing Officers in adjusting assessments based on these returns. The amendment defines 'business reorganisation' and 'successor' and is effective from April 1, 2023, ensuring tax assessments align with reorganization orders.
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