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 Direct Tax Code 2025 (Income-tax Act, 2025), effective 1st April 2026. Status: Retained.
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 does Section 140 of the Income Tax Act 1961 deal with?
Section 140 (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).
What is the new section number for Section 140 under the Direct Tax Code 2025?
Section 140 of the ITA 1961 maps to Section 155 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective from 1st April 2026.
What is the status of Section 140 under the new tax code?
Section 140 is marked as "Retained" with status "Modified". Impact: High - Prevents invalidation of corporate tax returns during bankruptcy.
What are the key changes to Section 140 under DTC 2025?
Insolvency professionals explicitly authorized to verify returns for companies undergoing CIRP under the IBC.
Disclaimer: This page is for educational and reference purposes only. Section mappings are based on publicly available drafts and circulars. Always consult a qualified Chartered Accountant before filing or making compliance decisions under the Direct Tax Code 2025.
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