Quick Summary
Section 140 of the Act provides that in case of company the return is required to be verified by the managing director (MD) thereof. Where the MD is not able to verify for any unavoidable reason or where there is no MD, any director of the company can verify the return. It is also provided that in case of a company in whose case application for insolvency resolution process has been admitted by the Adjudicating Authority (AA) under the Insolvency and Bankruptcy Code, 2016 (IBC), the return has t
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FAQ :
Section 140 of the Income Tax Act is being amended to allow other prescribed persons, not just the managing director or a director, to verify the income tax return of a company.
Similar to companies, Section 140 is being amended so that individuals other than the designated partner can verify the income tax return of an LLP, if prescribed by the Board.
The existing provision for insolvency professionals to verify the return of a company admitted to insolvency resolution under the IBC will continue, with the amendment broadening the scope of who can verify.
Yes, Section 288 is being amended to explicitly enable insolvency professionals to act as authorised representatives for corporate debtors in proceedings under the Income Tax Act.
These amendments will be effective from 1st April 2020.
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