Section 140 → Section 155
Return by whom to be verified
Quick Answer
Section 140 of the Income Tax Act, 1961 (Return by whom to be verified) corresponds to Section 155 of the Income-tax Act, 2025, effective 1st April 2026. Status: Retained.
What changed for Section 140
In the 1961 statute, Section 140 deals with return by whom to be verified. Specifies who is authorized to sign/verify the ITR (e.g., Managing Director for a company, Karta for HUF).
From 1st April 2026, the same subject sits at Section 155 of the Income-tax Act, 2025 — retained and renumbered as Section 155 of the Income-tax Act, 2025. Retained. E-verification via Aadhaar OTP or NetBanking is now the legal standard over physical signatures.
For Section 140, the practical impact is rated High. Prevents invalidation of corporate tax returns during bankruptcy.
Sec 140
Provision Summary
Specifies who is authorized to sign/verify the ITR (e.g., Managing Director for a company, Karta for HUF).
Sec 155
Provision Summary
Retained. E-verification via Aadhaar OTP or NetBanking is now the legal standard over physical signatures.
Key Changes & Highlights
- Insolvency professionals explicitly authorized to verify returns for companies undergoing CIRP under the IBC.
Frequently Asked Questions
What is Section 140 of the Income Tax Act, 1961 about?
Section 140 of the Income Tax Act, 1961 covers return by whom to be verified. Specifies who is authorized to sign/verify the ITR (e.g., Managing Director for a company, Karta for HUF).
Which section replaces Section 140 in the Income-tax Act, 2025?
Section 140 of the Income Tax Act, 1961 maps to Section 155 of the Income-tax Act, 2025, effective 1st April 2026 (status: Retained). Retained. E-verification via Aadhaar OTP or NetBanking is now the legal standard over physical signatures.
What is the impact of the change to Section 140 under the new tax code?
The transition impact for Section 140 is rated High. Prevents invalidation of corporate tax returns during bankruptcy.
What should I watch out for when Section 140 moves to the 2025 code?
Insolvency professionals explicitly authorized to verify returns for companies undergoing CIRP under the IBC. These points are specific to Section 140 (Return by whom to be verified).
Disclaimer: This mapping of Section 140 (Return by whom to be verified) to Section 155 of the Income-tax Act, 2025 is for educational and reference purposes only, based on publicly available drafts and circulars. As Section 140 is currently marked Retained, always confirm its treatment with a qualified Chartered Accountant before filing or making compliance decisions.
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