Effect to Advance Pricing Agreement - Section 92CD - International Taxation - Income Tax

Effect to Advance Pricing Agreement - Section 92CD (1) Filing of modified return of income as per APA : Notwithstanding anything to the contrary contained u/s 139 , where any person has entered into an agreement and prior to the date of entering into the agreement, any return of income has been furnished under the provisions of section 139 for any AY relevant to a PY to which such agreement applies, such person shall furnish, within a period of 3 months from the end of the month in which the said agreement was entered into, a modified return in accordance with and limited to the agreement. (2) All other provisions of this Act shall apply accordingly as if the modified return is a return furnished under section 139. (3) If the assessment or reassessment proceedings for an assessment year relevant to a previous year to which the agreement applies have been completed before the expiry of period allowed for furnishing of modified return u/s 92CD(1), the Assessing Officer shall, in a case where modified return is filed in accordance with the provisions of section 92CD(1), proceed to assess or reassess or recompute the total income of the relevant assessment year having regard to and in accordance with the agreement. (4) Where the assessment or reassessment proceedings for an assessment year relevant to the previous year to which the agreement applies are pending on the date of filing of modified return in accordance with the provisions of section 92CD(1), the Assessing Officer shall proceed to complete the assessment or reassessment proceedings in accordance with the agreement taking into consideration the modified return so furnished. (5) Period of completion of assessment on the basis of modified return (a) Notwithstanding anything contained u/s 153 , 153B , or 144C , the order of assessment, reassessment or recomputation of total income u/s 92CD(3) shall be passed within a period of 1 year from the end of the financial year in which the modified return under section 92CD(1) is furnished. (b) Similarly, the period of limitation as provided u/s 153, 153B, or 144C, for completion of pending assessment or reassessment proceedings referred to in section 92CD(4) shall be extended by a period of 12 months.