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of <h1>Wealth-tax Act: Use Prior Balance Sheet for Unquoted Shares Valuation if Current Sheet Unavailable by Filing Deadline.</h1> Rules 11 and 12 of Schedule III to the Wealth-tax Act detail how to calculate the value of unquoted equity shares using a company's balance sheet. If the balance sheet as of the relevant valuation date is unavailable to shareholders by the wealth-tax return filing deadline, the value can be computed using the balance sheet from the date immediately preceding the valuation date. The Central Board of Direct Taxes has decided that in such cases, taxpayers may use this preceding balance sheet for valuation, and the Wealth-tax Officer must assess based on it, even if the relevant date's balance sheet becomes available later.
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