Amendments to Income-tax Act, 1961: New Rules on Property Sales, Debt Settlements, and Delegated Authority under Second Schedule.
The amendments to the Income-tax Act, 1961, introduced by the Taxation Laws (Amendment) Act, 1975, modify several rules in the Second Schedule. Rule 19A is restructured to allow a Tax Recovery Officer to delegate functions to lower-ranked officers, with specific approval conditions. Rule 53 is updated to include a reserve price for property sales, and Rule 56 prohibits sales below this reserve price. Rule 59 allows an Income-tax Officer to bid on properties for the government if reserve price conditions are unmet. Rule 68A permits property acceptance in lieu of debts, detailing possession and payment terms. Rule 73 addresses warrant execution and defines the defaulter in a Hindu undivided family as the Karta.
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