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of <h1>New Income Tax Rules for Firm Verifications: Authorized Representatives Appointed Under Insolvency Code.</h1> The Income-tax (24th Amendment) Rules, 2021, introduced by the Central Board of Direct Taxes, amend the Income-tax Rules, 1962. The amendments specify that the verification of income tax returns for certain companies or firms will be conducted by a prescribed person appointed by the Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016. Additionally, in some cases involving companies or limited liability partnerships, an authorized representative appointed by the Adjudicating Authority will appear on behalf of the entity. These changes are encapsulated in new rules 12AA and 51B, respectively, and align with sections 140 and 288 of the Income-tax Act, 1961.
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