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of <h1>Income-tax Amendment Revises Rule 40C, Introduces Rule 40D for Valuing Securities; Aligns with Finance Act, 2007.</h1> The Income-tax (Second Amendment) Rules, 2008, effective from April 1, 2008, amend the Income-tax Rules, 1962. Rule 40C is revised by omitting clause (f) from sub-rule (4), and a new rule, 40D, is introduced. Rule 40D specifies the valuation method for certain securities, excluding equity shares, based on fair market value determined by a merchant banker. This amendment aligns with the Finance Act, 2007, which requires employers to pay fringe benefit tax on the fair market value of ESOPs at the time of vesting. These changes apply from the assessment year 2008-09 onward.
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