Amendment of rule 68B of Second Schedule.
68. In the Second Schedule to the Income-tax Act, in Part III, in rule 68B, in sub-rule (1), with effect from the 1st day of September, 2019,––
(a) for the words “three years, the words “seven years” shall be substituted;
(b) in the proviso, for the word “Provided”, the words “Provided further” shall be substituted;
(c) before the proviso as so amended, the following proviso shall be inserted, namely:––
“Provided that the Board may, for reasons to be recorded in writing, extend the aforesaid period for a further period not exceeding three years:”.
Notes on Clauses:
Clause 68 of the Bill seeks to amend rule 68B of the Second Schedule of the Income-tax Act relating to time limit for sale of attached immovable property.
Sub-rule (1) of the said rule provides that no sale of immovable property attached towards the recovery of tax, penalty, etc., shall be made after the expiry of three years from the end of the financial year in which the order giving rise to a demand of any tax, interest, fine, penalty or any other sum, for the recovery of which the immovable property has been attached, has become conclusive or final, as the case may be.
It is proposed to amend the said sub-rule so as to extend the said period from three years to seven years.
It is further proposed to insert a new proviso in the said sub-rule so as to provide that the Board may, for reasons to be recorded in writing, extend the aforesaid period by a further period not exceeding three years.
This amendment will take effect from 1st September, 2019.
