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replay notice u/s 140

SANGAMESHWAR (TAX CONSULTANT) (16 Points)

11 April 2018

please guied for replay notice u/s 140

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2 Replies

Ramesh Raj Aryan (20 Points)
Replied 11 April 2018

[Section 140] :

This section specifies the persons who are authorized to verify the return of income under section 139 of the Act.

AssesseeCircumstanceAuthorised Persons1.Individual(i) In circumstances not covered under (ii), (iii) & (iv) below– the individual himself(ii) where he is absent from India– the individual himself; or

– any person duly authorised by him in this behalf holding a valid power of attorney from the individual (Such power of attorney should be attached to the return of income)

(iii) where he is mentally incapacitated from attending to his affairs– his guardian; or

– any other person competent to act on his behalf

(iv) where, for any other reason, it is not possible for the individual to verify the return– any person duly authorised by him in this behalf holding a valid power of attorney from the individual (Such power of attorney should be attached to the return of income)2.Hindu Undivided Family(i) in circumstances not covered under (ii) and (iii) below– the karta(ii) where the karta is absent from India– any other adult member of the HUF(iii) where the karta is mentally incapacitated from attending to his affairs– any other adult member of the HUF3.Company(i) in circumstances not covered under (ii) to (v) below– the managing director of the Company(ii)

(a) where for any unavoidable reason such managing director is not able to verify the return;

or

(b) where there is no managing Director

– any director of the company

– any director of the company

(iii) where the company is not resident in India– a person who holds a valid power of attorney from such company to do so (such power of attorney should be attached to the return).(iv)

(a) Where the company is being wound up (whether under the orders of a court or otherwise);

or

(b) where any person has been appointed as the receiver of any assets of the company

– Liquidator

– Liquidator

(v) Where the management of the company has been taken over by the Central Government or any State Government under any law– the principal officer of the company4.Firm(i) in circumstances not covered under (ii) below– the managing partner of the firm(ii)

(a) where for any unavoidable reason such managing partner is not able to verify the return; or

(b) where there is no managing partner.

– any partner of the firm, not being a minor

– any partner of the firm, not being a minor

5.LLP(i) in circumstances not covered under (ii) belowDesignated partner(ii)

(a) where for any unavoidable reason such designated partner is not able to verify the return;

or

(b) where there is no designated partner.

– any partner of the LLP

– any partner of the LLP

6.Local authority–– the principal officer7.Political party [referred to in section 139(4B)]–– the chief executive officer of such party (whether he is known as secretary or by any other designation)8.Any other association–– any member of the association or the principal officer of such association9.Any other person–– that person or some other person competent to act on his behalf.

Read more https://www.taxdose.com/persons-authorised-to-verify-return-of-income-section-140-income-tax/

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Miss Mansi Bhojani (Practicing Chartered Accountant) (1736 Points)
Replied 11 April 2018

Section 140 if income tax states that, the return of income needs to be verified by the authorized person. The signing authority depends upon the assessee whose return is filed, for eg company or individual or firm etc.