TMI BlogIncome-tax (8th Amendment), Rules, 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income-tax Rules, 1962 , after rule 17CA, the following rule shall be inserted, namely: - 17CB. Method of valuation for the purposes of sub-section (2) of section 115TD . (1) For the purpose of sub-section (2) of section 115TD of the Act , the aggregate fair market value of the total assets of the trust or institution, shall be the aggregate of the fair market value of all the assets in the balance sheet as reduced by- (i) any amount of income-tax paid as deduction or collection at source or as advance tax payment as reduced by the amount of income-tax claimed as refund under the Act, and (ii) any amount shown as asset including the unamortised amount of deferred expenditure which does not represent the value of any as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he value of any asset; B=fair market value of bullion, jewellery, precious stone, artistic work, shares, securities and immovable property as determined in the manner provided in this rule; L=book value of liabilities shown in the balance sheet, but not including the following amounts, namely:- (i) representing contingent liabilities other than arrears of dividends payable in respect of the paid-up capital in respect of equity shares; (ii) the amount set apart for payment of dividends on preference shares and equity shares; (iii) reserves and surplus, by whatever name called, even if the resulting figure is negative, other than those set apart towards depreciation; (iv) any amount representing provision for taxation, other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of any asset, other than those referred to in clauses (I), (II) and (III), shall be the price that the asset shall ordinarily fetch if sold in the open market on the specified date on the basis of valuation report from a registered valuer: Provided that in case no valuer is registered for valuation of such assets, the valuation report shall be obtained from a valuer who is a member of any one of the professional valuer bodies viz. Institution of Valuers, Institution of Surveyors (Valuation Branch), Institution of Government Approved Valuers, Practicing Valuers Association of India, the Indian Institution of Valuers, Centre for Valuation Studies, Research and Training, Royal institute of Chartered Surveyors; India Chapter, American ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion (including the notes annexed thereto and forming part of the accounts) as drawn up on the specified date which has been audited by an accountant; (c) merchant banker shall mean a category I merchant banker registered with Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992); (d) quoted share or security in relation to share or security means a share or security quoted on any recognised stock exchange with regularity from time to time, where the quotations of such shares or securities are based on current transaction made in the ordinary course of business; (e) recognised stock exchange shall have the same meaning as assigned to it in clause ..... X X X X Extracts X X X X X X X X Extracts X X X X
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