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of <h1>Rule 40C: Valuation Method for Securities and Sweat Equity Shares for Fringe Benefit Tax Explained</h1> Rule 40C of the Income Tax Rules, 1962, outlines the valuation method for specified securities or sweat equity shares in a company for fringe benefit tax purposes. If the shares are listed on a recognized stock exchange on the vesting date, their fair market value is the average of the opening and closing prices. If listed on multiple exchanges, the exchange with the highest trading volume is considered. If no trading occurs, the closest preceding date's closing price is used. For unlisted shares, a merchant banker determines the value. Definitions for terms like 'closing price,' 'opening price,' and 'merchant banker' are provided.
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