Section 140 of the Income Tax Act, 1961 specifies who must verify the return of income and the authorized signatories for different categories of taxpayers. Here’s a detailed breakdown:
1. Individual Taxpayers
- Must be signed by: The individual themselves
- Exception:
- For minors – by their guardian
- For incapacitated persons – by their legal representative
2. Hindu Undivided Families (HUFs)
- Must be signed by: The Karta (head of family)
- If Karta is absent/minor: Any adult male member
3. Companies
- Must be signed by:
- The Managing Director, or
- If no MD – by any Director, or
- If Indian company being wound up – by the Liquidator
4. Firms (including LLPs)
- Must be signed by:
- The Managing Partner, or
- If no managing partner – by any partner
5. Local Authorities
- Must be signed by: The Principal Officer
6. Political Parties (ITR-7)
- Must be signed by: The Chief Executive Officer
7. Trusts/Institutions (ITR-7)
- Must be signed by:
- The Managing Trustee, or
- The Principal Officer
Methods of Verification
- Digital Signature Certificate (DSC)– Mandatory for:
- Companies
- Tax audit cases (Section 44AB)
- Trusts filing ITR-7
- Electronic Verification Code (EVC)– For individuals/HUFs:
- Aadhaar OTP
- Net banking
- Bank account-based EVC
- Physical ITR-V(only in exceptional cases):
- Must be mailed to CPC Bengaluru within 120 days
Key Points
✔ Verification is mandatory – An unverified return is treated as never filed
✔ Deadline: 120 days from filing date
✔ Authorized signatories must comply strictly with Section 140 requirements
Non-compliance consequences:
- Return treated as invalid
- Loss of deductions/carry forward of losses
- Penalty under Section 271F (up to ₹10,000)
