Section 45 of Finance Act 2018 : Amendment of section 140 Income Tax Act

By | April 1, 2018
(Last Updated On: April 16, 2018)

Section 45 of Finance Act 2018

[Section 45 of Finance Act 2018 deals with Amendment of section 140. and is covered in CHAPTER III DIRECT TAXES]

Amendment of section 140.

45. In section 140 of the Income-tax Act, in clause (c), in the second proviso,—

(A)in clause (b), after the words “principal officer thereof;” occurring at the end, the word “or” shall be inserted;
(B)after clause (b), the following shall be inserted, namely:—
‘(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);’.

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