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of <h1>Income Tax Bill 2025 Clause 500 allows provisional property attachment during assessments exceeding two crore rupees</h1> The Income Tax Bill 2025's Clause 500 empowers tax authorities to provisionally attach taxpayer property during assessment or penalty proceedings exceeding two crore rupees, requiring prior approval from competent authorities. Attachments automatically cease after six months but may be extended up to two years with recorded reasons. Taxpayers can substitute bank guarantees for attached property, with mandatory revocation within specified timeframes. The provision includes valuation procedures, guarantee invocation mechanisms, and release requirements. Clause 500 largely mirrors existing Section 281B of the Income-tax Act 1961, maintaining essential safeguards while updating procedural references and streamlining the framework for provisional attachment powers.
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