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
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN - Rs.1999
1799
(Excl. of GST ₹323)
2 Years PLAN - Rs.3499
3149
(Excl. of GST ₹566)
BEST VALUE
3 Years PLAN - Rs.4999
4499
(Excl. of GST ₹809)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
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.
CAclubindia
