Page 54 - Union Budget_2019
P. 54
Union Budget 2019
10.18 Enhancing time limitation for sale of attached property under Rule 68B of the Second Schedule
of the Act
The existing provisions of Rule 68B of the Second Schedule of the Income Tax Act provide that immoveable
property attached for the purpose of recovery of taxes and related dues shall not be sold after 3years from
the date on which order to pay tax liability becomes final.
In order to protect the interest of the revenue, it is proposed to amend the aforesaid sub-rule so as to extend
the period of limitation from 3 years to 7 years.
Further, under the current provisions, the period of limitation for sale of immoveable property shall be
extended by 1 year in case where the immovable property is required to be re-sold due to the amount of
highest bid being less than the reserve price or under specified circumstances.
It is further proposed to provide that the Board may, for reasons to be recorded in writing, extend the
aforesaid period of limitation by a further period of 3 years.
These amendments will take effect from 1st September, 2019.
The proposed amendments shall protect the interest of revenue by increasing the time span available
for recovery of tax dues.
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