Tally for Practicing CAs Gold Edition (Multi User) Tally for CAs in Industry Silver Edition (Single User) Tally Renewal (Auditor Edition) Need Tally for Clients? (Tie-up with us!!!)
News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
Top Headlines »
 Faceless Appeal Scheme, 2020 Notification No. 76/2020 Central Board of Direct Taxes
 How to verify your income tax tax return?
 All you need to know ITR 6 is now available for AY 2020-21
 ITR filing deadline for FY18-19 nears; here are key things you need to know
  Computing your total taxable income ITR filing
 How to file ITR-1 Sahaj form online: All you need to know
 No, the due date to file tax returns has not been extended to March 31, 2021
  Here's all you need to know about using ITR-3 and ITR-4 Sugam forms ITR filing
 9 key changes in ITR-1 and ITR-2 for FY 2019-20
 CBDT allows One-time relaxation for Verification of Income Tax Returns by EVC/ITR-V for AY 2015-16, 2016-17, 2017-18, 2018-19
 Taxpayers have to disclose all details of share sales in AY21 tax returns

Income tax dept publishes list of asset valuers
June, 24th 2016

The Income Tax department today published a country-wide list of registered asset valuers for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month.

The exhaustive list, uploaded on the official web portal of the department, includes valuers of immovable property, jewellery, plant and machinery, stocks, shares and debentures and agricultural land.

"The list is uploaded on Income Tax department's official website www.incometaxindia.gov.in and the names and addresses provided therein can be used by those who wish to declare their black assets under the ongoing one-time compliance window.

"This exhaustive list that contains the names and addresses of the registered valuers has been published after CBDT had received queries from various quarters about the ambiguity and difficulty in declaring the value of an untaxed or black asset under the window, called the Income Declaration Scheme (IDS), 2016," a senior official said.

While rules for IDS stipulate that the fair market value of the asset to be declared under the scheme will be as on June 1, 2016 as deemed to be the undisclosed income, its exact valuation procedure was creating doubts among people.

Subsequently, the official said, the Central Board of Direct Taxes had asked all regional offices in the country to send to it the names of all registered valuers and their contacts in their jurisdiction.

"The list is exhaustive and these valuers are present in various part of the country. The valuation certificate provided by them will be valid for declaration of untaxed assets under the IDS. This is an effort to help and provide clarity of action to such declarants," the official added.

Valuers are registered with the IT department under the Wealth Tax Rules.

The official added that the list will soon be put up at the regional Aaykar Sampark Kendras (ASKs) which are run by the department to facilitate taxpayer services.

A valuation of asset done by an authorised valuer is accepted as the fair value of an asset by the taxman and with this seal of approval, the declarant is expected to be sure about the market value of the asset furnished under IDS.

The IDS opened this month and will be on to take declarations till September 30.

Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting