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of <h1>Finance Bill 2018 amends IT Act, mandates insolvency professionals verify tax returns for companies under IBC sections 7, 9, or 10.</h1> Clause 43 of the Finance Bill, 2018, proposes an amendment to section 140 of the Income-tax Act, specifying that if a company's application for corporate insolvency resolution has been admitted under sections 7, 9, or 10 of the Insolvency and Bankruptcy Code, 2016, the tax return must be verified by the insolvency professional appointed by the Adjudicating Authority. The amendment also clarifies the definitions of 'insolvency professional' and 'Adjudicating Authority' as per the Insolvency and Bankruptcy Code. These changes are set to be effective from April 1, 2018.
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