Income-tax (6th Amendment), Rules, 2018 - Determination of FMV of shares and securities - Now only merchant bank can give the valuation report for the purpose of section 56. - 23/2018 - Income Tax Act, 1961
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Valuation of shares: only merchant bankers may issue FMV reports for tax purposes following rule amendments. The Income-tax (6th Amendment) Rules, 2018 amend the Income-tax Rules, 1962 by omitting a clause in rule 11U and deleting the words 'or an accountant' from rule 11UA(2)(b), thereby restricting issuance of valuation reports for determining fair market value of shares and securities to merchant bankers only, effective on publication in the Official Gazette.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Valuation of shares: only merchant bankers may issue FMV reports for tax purposes following rule amendments.
The Income-tax (6th Amendment) Rules, 2018 amend the Income-tax Rules, 1962 by omitting a clause in rule 11U and deleting the words "or an accountant" from rule 11UA(2)(b), thereby restricting issuance of valuation reports for determining fair market value of shares and securities to merchant bankers only, effective on publication in the Official Gazette.
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