Page 26 - Budget_2020

Union Budget 2020
Amendment relating to Verification of the Return of Income and Appearance of Authorized Representative

Particulars Assessee Current Provision Proposed Provision

Company Managing Director Managing Director or Director or any
or Director other person as may be authorised
Verification of Limited Liability Designated Partner Designated Partner or Partner or any
return Partnership or Partner other person as may be authorised
Further, it is proposed to amend Sec 288 to provide that “any other person as prescribed by the Board” can
act as an “authorised representative” to address the concern raised for Insolvency Professional or the
Administrator to act as “authorised representative” who are already authorised under Insolvency and
Bankruptcy Code, 2016.

1st April 2020

Withdrawal of Exemption on Specified Perquisites and Allowances
To remove the exemption of income provided for allowance or perquisite paid to Chairman or a retired
Chairman or any member or retired member of Union Public Service Commission

AY 2021-22 and subsequent AYs

24