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of <h1>Finance Bill 2014 amends Income-tax Act Section 281B: Provisional property attachment limited to two years, effective Oct 1, 2014.</h1> Clause 70 of the Finance (No. 2) Bill, 2014 amends section 281B of the Income-tax Act, which pertains to the provisional attachment of property to protect revenue during assessment or reassessment proceedings. The amendment modifies sub-section (2) to allow the provisional attachment to cease after six months, with the possibility of extension by the Chief Commissioner or Commissioner to a total of two years or sixty days after the assessment or reassessment order, whichever is later. The second and third provisos are omitted, and these changes are effective from October 1, 2014.
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