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ARTICLE · 20 MARCH 2020

Circulars Issued By Other Authorities - March 2020

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In the Union Budget 2020-21, amendment has been proposed to be made in Section 140 and Section 288 of Income Tax Act, 1961 in order to give power to the Interim Resolution Professional/Resolution Professional ...

IndiaInsolvency/Bankruptcy/Re-Structuring
Manoj Singh
Manoj Singh
Daizy Chawla
Daizy Chawla
Kumar Deep
Kumar Deep
Jatin Kapoor
Jatin Kapoor
Neha Mittal
Neha Mittal
Sandesh Kumar
Sandesh Kumar
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1. Amendment under Income Tax Act, 1961

In the Union Budget 2020-21, amendment has been proposed to be made in Section 140 and Section 288 of Income Tax Act, 1961 in order to give power to the Interim Resolution Professional/Resolution Professional to file Returns or appear before the authorities including Appellate Authority in case of the Corporate Debtor which is in Corporate Insolvency Resolution Process.

2. Ministry of Corporate Affairs prescribed procedure for filing of forms in the Registry (MCA-21) by IRP/RP/Liquidator appointed under I&B 2016.

The Ministry of Corporate Affairs vide its General Circular No. 08/2020 dated 06.03.2020 which was in suppression of the earlier Circular No. 4/2020 dated 17.02.2020 provided the clarification as well as procedure for filing the needful e-form(s) with Digital Signature Certificate of Insolvency Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator appointed under I&B 2016 w.r.t any Corporate

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