Section 140 of Income Tax Act "Return by whom to be verified"
140. The return under section 115WD or section 139 shall
be verified-
(a) in the case of an individual,-
(i) by the individual himself;
(ii) where he is absent from India, by the individual
himself or by some person duly authorised by him in this
behalf;
(iii) where he is mentally incapacitated from attending to
his affairs, by his guardian or any other person competent
to act on his behalf; and
(iv) where, for any other reason, it is not possible for the
individual to verify the return, by any person duly
authorised by him in this behalf:
Provided that in a case referred to in sub-clause (ii) or
sub-clause (iv), the person verifying the return holds a
valid power of attorney from the individual to do so, which
shall be attached to the return;
(b) in the case of a Hindu undivided family, by the karta,
and, where the karta is absent from India or is mentally
incapacitated from attending to his affairs, by any other
adult member of such family;
(c) in the case of a company, by the managing director
thereof, or where for any unavoidable reason such managing
director is not able to verify the return, or where there is
no managing director, by any director thereof 16[or any
other person, as may be prescribed for this purpose] :
Provided that where the company is not resident in India,
the return may be verified by a person who holds a valid
power of attorney from such company to do so, which shall be
attached to the return :
Provided further that,-
(a) where the company is being wound up, whether under the
orders of a court or otherwise, or where any person has been
appointed as the receiver of any assets of the company, the
return shall be verified by the liquidator referred to in
sub-section (1) of section 178;
(b) where the management of the company has been taken over
by the Central Government or any State Government under any
law, the return of the company shall be verified by the
principal officer thereof; or
(c) where in respect of a company, an application for
corporate insolvency resolution process has been admitted by
the Adjudicating Authority under section 7 or section 9 or
section 10 of the Insolvency and Bankruptcy Code, 2016 (31
of 2016), the return shall be verified by the insolvency
professional appointed by such Adjudicating Authority.
Explanation.-For the purposes of this clause the expressions
"insolvency professional" and "Adjudicating Authority" shall
have the respective meanings assigned to them in clause (18)
of section 3 and clause (1) of section 5 of the Insolvency
and Bankruptcy Code, 2016 (31 of 2016);
(cc) in the case of a firm, by the managing partner thereof,
or where for any unavoidable reason such managing partner is
not able to verify the return, or where there is no managing
partner as such, by any partner thereof, not being a minor;
(cd) in the case of a limited liability partnership, by the
designated partner thereof, or where for any unavoidable
reason such designated partner is not able to verify the
return, or where there is no designated partner as such, by
any partner thereof 17[or any other person, as may be
prescribed for this purpose];
(d) in the case of a local authority, by the principal
officer thereof;
(dd) in the case of a political party referred to in
sub-section (4B) of section 139, by the chief executive
officer of such party (whether such chief executive officer
is known as secretary or by any other designation);
(e) in the case of any other association, by any member of
the association or the principal officer thereof; and
(f) in the case of any other person, by that person or by
some person competent to act on his behalf.
140A. (1) Where any tax is payable on the basis of any
return required to be furnished under section 115WD or
section 115WH or section 139 or section 142 or section 148
or section 153A or, as the case may be, section 158BC, after
taking into account,-
(i) the amount of tax, if any, already paid under any
provision of this Act;
(ii) any tax deducted or collected at source;
18[(iia) any relief of tax claimed under section 89;]
(iii) any relief of tax or deduction of tax claimed under
section 90 or section 91 on account of tax paid in a country
outside India;
(iv) any relief of tax claimed under section 90A on account
of tax paid in any specified territory outside India
referred to in that section; 19[***]
(v) any tax credit claimed to be set off in accordance with
the provisions of section 115JAA or 20[section 115JD; and]
21[(vi) any tax or interest payable according to the
provisions of sub-section (2) of section 191,]
the assessee shall be liable to pay such tax together with
interest and fee payable under any provision of this Act for
any delay in furnishing the return or any default or delay
in payment of advance tax, before furnishing the return and
the return shall be accompanied by proof of payment of such
tax , interest and fee.
Explanation.-Where the amount paid by the assessee under
this sub-section falls short of the aggregate of the tax ,
interest and fee as aforesaid, the amount so paid shall
first be adjusted towards the fee payable and thereafter
towards the interest payable as aforesaid and the balance,
if any, shall be adjusted towards the tax payable.
(1A) For the purposes of sub-section (1), interest payable,-
(i) under section 234A shall be computed on the amount of
the tax on the total income as declared in the return as
reduced by the amount of,-
(a) advance tax, if any, paid;
(b) any tax deducted or collected at source;
22[(ba) any relief of tax claimed under section 89;]
(c) any relief of tax or deduction of tax claimed under
section 90 or section 91 on account of tax paid in a country
outside India;
(d) any relief of tax claimed under section 90A on account
of tax paid in any specified territory outside India
referred to in that section; and
(e) any tax credit claimed to be set off in accordance with
the provisions of section 115JAA or section 115JD;
(ii) under section 115WK shall be computed on the amount of
tax on the value of the fringe benefits as declared in the
return as reduced by the advance tax, paid, if any.
(1B) For the purposes of sub-section (1), interest payable
under section 234B shall be computed on an amount equal to
the assessed tax or, as the case may be, on the amount by
which the advance tax paid falls short of the assessed tax.
Explanation.-For the purposes of this sub-section, "assessed
tax" means the tax on the total income as declared in the
return as reduced by the amount of,-
(i) tax deducted or collected at source, in accordance with
the provisions of Chapter XVII, on any income which is
subject to such deduction or collection and which is taken
into account in computing such total income;
22[(ia) any relief of tax claimed under section 89;]
(ii) any relief of tax or deduction of tax claimed under
section 90 or section 91 on account of tax paid in a country
outside India;
(iii) any relief of tax claimed under section 90A on account
of tax paid in any specified territory outside India
referred to in that section; and
(iv) any tax credit claimed to be set off in accordance with
the provisions of section 115JAA or section 115JD.
(2) After a regular assessment under section 115WE or
section 115WF or section 143 or section 144 or an assessment
under section 153A or section 158BC has been made, any
amount paid under sub-section (1) shall be deemed to have
been paid towards such regular assessment or assessment, as
the case may be.
(3) If any assessee fails to pay the whole or any part of
such tax , interest or fee in accordance with the provisions
of sub-section (1), he shall, without prejudice to any other
consequences which he may incur, be deemed to be an assessee
in default in respect of the tax , interest or fee remaining
unpaid, and all the provisions of this Act shall apply
accordingly.
(4) The provisions of this section as they stood immediately
before their amendment by the Direct Tax Laws (Amendment)
Act, 1987 (4 of 1988), shall apply to and in relation to any
assessment for the assessment year commencing on the 1st day
of April, 1988, or any earlier assessment year and
references in this section to the other provisions of this
Act shall be construed as references to those provisions as
for the time being in force and applicable to the relevant
assessment year.
What is Disclosure of information respecting assessees? Section 138 of Income Tax Act 1961
What is Return of income? Section 139 of Income Tax Act 1961
What is Permanent account number? Section 139A of Income Tax Act 1961
What is Assessment? What is Best judgment assessment? Section 143 and 144 of Income Tax Act 1961
What is Reference to dispute resolution panel? Section 144C of Income Tax Act 1961