9911796707
TMI BlogPrior permission under section 281 of the Income Tax Act, 1961 to create a charge on the assets of business - issuance of guidelines.X X X X Extracts X X X X X X X X Extracts X X X X ..... hereto titled "Application u/s 281 of the IT Act 1961" which would be available on the departmental website as well as with the Assessing Officers. 2. The taxpayer would have to file the form at least thirty days prior to the proposed date of transaction. 3. The circumstances under which prior permission u/s 281 should be granted by the Assessing Officers are as follows: (i) If there is no demand outstanding and there is no likelihood of demand arising in the next six months, then the permission should be granted. (ii) If undisputed demand is outstanding and there is no likelihood of demand arising in next 6 months, then the tax payer should pay the same along with interest due thereon and then permission should be granted. (iii) If th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ithin ten working days of the indemnification of the demand. (iv) If demand is likely to arise in the next six months and the A.O. is considering actions prescribed u/s 281B for the assets excluding the asset under consideration, then the A.O. should grant the permission within fifteen working days of the receipt of the application. (v) If the taxpayer does not pay the undisputed outstanding demand or his application for stay of disputed demand is rejected or he is unable to indemnify the outstanding demand, the application shall be disposed off within a period of ten working days. In case the permission is not being granted, a speaking and reasoned order conveying refusal would be issued with the approval of the Range head within ten wor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er is obtained • The tax payable does not exceed Rs 5000/- and the value of the asset does not exceed Rs 10000/- 2. Asset means land, building, plant, machinery, shares, securities and fixed deposits in bank (other than Stock in trade ) 3. " Previous Year" is the financial year (1st April to the following 31" March) during which the income in question has been earned. "Assessment Year" is the financial year immediately following the previous year 4. Scheme of the Form The form has been divided into four parts, the details of the same are provided below, i. Part A seeks general information requiring identificatory and other data ii. Part B seeks the position of outstanding demand as on the date of Application iii. Part C seeks p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us demand section is given below. Demands under various section Description 115O Tax on distributed profits of domestic companies. 115P Interest payable for non-payment of tax by domestic companies. 115R Tax on distributed income to unit holders. 115S Interest payable for non-payment of tax u/s 115R 115WE(1) Summary Assessment-Fringe Benefits Tax 115WE(3) Regular Assessment-Fringe Benefit Tax 115WF Best judgment assessment-FBT 115WG Fringe benefits escaping assessment 115WK Interest for default in furnishing return of fringe benefits 144 Best judgment assessment 147 Income escaping assessment 148 Issue of notice where income has escaped assessment 154 Rectification of mistake 139(1) Time Limit for filing the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... culars of the fringe benefits or furnished inaccurate particulars of such fringe benefits 271A Failure to keep, maintain or retain books of account, documents, etc. 271AA Penalty for failure to keep and maintain information and document in respect of international transaction 271AAA Penalty where search has been initiated 271B Failure to get accounts audited 271BA Penalty for failure to furnish report under section 92E 271BB Failure to subscribe to the eligible issue of capital 271C Penalty for failure to deduct tax at source 271CA Penalty for failure to collect tax at source 271D Penalty for failure to comply with the provisions of section 269SS 271E Penalty for failure to comply with the provisions of section 269T 271 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts 277 False statement in verification etc. 277A Falsification of books of account or document, etc. 278 Abetment of false return, etc. 278A Punishment for second and subsequent offences 278B Offences by companies 278C Offences by Hindu undivided families • Indicate the value of the Outstanding Demand in Column iii • Indicate the details of stay of demand in Column iv Part C • Indicate the type of asset in column i. The following types of assets can be indicated i. Land ii. Building iii. Plant and Machinery iv. Shares and Securities v. Fixed Deposits in Bank The above assets should not form part of the Stock in Trade • Indicate the particulars of place where the asset is situated in column ii. Com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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