IT certificte under section 281 of IT act

[Priya Ravi]

Hii,

When should one apply for this certificate? and is there any exemptions?

Thanks

[Deepesh Nayak]

Please find the brief provisions of Section 281 of IT act.

Regards,

Deepesh

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Thanking you,

*Deepesh Kumar Nayak*
 Company Secretary
 STI India Limited
 Indore (Madhya Pradesh)
*Mob. 097134-80215*
*csdeepe...@gmail.com*

[Priya Ravi]

Thank you for your immediate response.

However, its not clear on one point. If a company does noy have any proceedings pending witg respect to the property being mortgaged, should it still obtain this certificate?

[Arvind Gupta,CS]

Yes; even then this certificate is essential.

 

Regards,

Arvind

[Deepesh Nayak]

Yes, we are also in process to create a mortgage on the properties and permission under section 281 is also requiring from the sanctioning bank.

But, in some time ago we had created the mortgage on the same properties and not obtained any certificate or permission from the income tax and also bank not required for the same. But in the present case the said certificate is required by the bank.

We have no demand pending in respect of income and also not likely to arise in the next six months, still we will have to obtain the said permission/certificate.

However, views of seniors are different on the section 281, some saying it is necessary to obtain in all the cases and vice versa.

Please clarify the situation....