Revised fee structure by CBDT, 30th Jan 2009

[pravinpunj]

Revised fee structure by CBDT

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY,

 PART-II, SECTION 3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA, MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, dated the 30th January, 2009

WEALTH-TAX

S.O. 379(E).- In exercise of the powers conferred by section 46 of the Wealth-tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following further amendments in the Wealth-tax Rules, 1957, namely:-

 1.   (1) These rules may be called the Wealth-tax (First Amendment) Rules, 2009.

 (2) They shall come into force with effect from 1st April, 2009.

 2. In the Wealth-tax Rules, 1957, for rule 8C, the following rule shall be

substituted, namely:-

 [Scale of fees to be charged by a registered valuer.

8C. (1) Subject to the provisions of sub-rules (2) and (3), the fees to be charged by a registered valuer for valuation of any asset shall not exceed the amount calculated at the following rates, namely:

(a) On the first Rs.5,00,000 of the asset as valued 1/2 per cent of the value;

(b) On the next Rs. 10 lakhs of the asset as valued 1/5 per cent of the value;

(c) On the next Rs.40 lakhs of the asset as valued 1/10 per cent of the value;

(d) On the balance of the asset as valued 1/20 per cent of the value.

(2) Where two or more assets are required to be valued by a registered valuer at the instance of an assessee, all such assets shall be deemed to constitute a single asset for the purposes of calculating the fees payable to such registered valuer.

(3) Where the amount of fees calculated in accordance with sub-rules (1) and (2) is less than Rs.500, the registered valuer may charge Rs.500 as his fees.

[Notification No.15/2009/F.No.149/144/2008-TPL]

(V.Vizay Babu), Under Secretary (TPL-III).

[pravinpunj]

Revised fee including 12.36% service tax as per CBDT Norms.

Odd no.Columns denote valuation amount in Lakh Rupees

Even no.Columns denote valuation fee in Rupees calculated as per CBDT (Govt of India) norms.

 

[pravinpunj]

Revised fee excluding service tax as per CBDT Norms.

Odd no.Columns denote valuation amount in Lakh Rupees

Even no.Columns denote valuation fee in Rupees calculated as per CBDT (Govt of India) norms.

 

 More discussion is needed on this. Our associations  should take up this matter with RBI and banking authorities and see that a uniform fee structure as per CBDT is followed throughout the country by everyone.

[anildhope]

Revised fee including 10.30% service tax as per CBDT Norms.

Odd no.Columns denote valuation amount in Lakh Rupees

Even no.Columns denote valuation fee in Rupees calculated as per CBDT (Govt of India) norms.

 

[djagan1949]

 

Dear Members

[suchdevs]

jagan ji,

you have made a excellent suggestion. now the question is, not that WHO WILL BELL THE CAT, but HOW TO BELL THE CAT.

a responsive methodology needs to be worked out, to put this idea into place.

suggestion from all the members are highly welcome.

 

we, a small group of valuers from saurashtra and kutch are trying to unite to see that we make a unified statement on the issues concerning the fraternity.

[prashekan]

 Dear sir,

I think solution for the problem of uniform fee structure may be solved with the help of Institute of Valuers.

Following procedure for valuation may be adopted.

• It should be  mandatory to all valuers to submit valuation report along with photograph and other details to the institute with institute fee (around 1% to 3% of valuers fees as per norms) before delivery of report to client.
• The report submitted any where without valid institute fee receipt shall be treated as invalid.
• Every registered valuer should have an user id and password at institutes web site.
• Institute fee should be accepted by DD or through net banking.
• Institute fees receipt shall be delivered on web site of institute instantly after payment.
• Fee receipt should be detailed enough to find out valuers fees as per standard norms.

If this procedure is adopted for each and every valuation report, There will be check on bad practice of banks as well as valuers. A big database can be formed which will be helpful to valuers, banks, government and institute also. And the Institute shall generate funds for its development so that our web site shall not be suspended for non payment of dues like today.

Thanks,

Regards,

Yours

Prashant Pardeshi

[djagan1949]

Dear prashekan ji.

Even after adopting  suggested proceedure,still we may face with the same problem. By paying a marginal fee to our IOV there is no binding on the banks or clients to pay us revised fee on a uniform way, What is the  key available with our IOV to stremline this strictly. If our IOV had such a levarage to do it they could have very well done this long back without expecting any fee from us.

I agree we have to financially strengthen our Institute for its smooth and successful functioning. 

Regards

[prashekan ji.]

Dear prashekan ji.

Even after adopting  suggested proceedure,still we may face with the same problem. By paying a marginal fee to our IOV there is no binding on the banks or clients to pay us revised fee on a uniform way, What is the  key available with our IOV to stremline this strictly. If our IOV had such a levarage to do it they could have very well done this long back without expecting any fee from us.

I agree we have to financially strengthen our Institute for its smooth and successful functioning. 

Regards

[Even after adopting suggested]

Dear prashekan ji.

Even after adopting  suggested proceedure,still we may face with the same problem. By paying a marginal fee to our IOV there is no binding on the banks or clients to pay us revised fee on a uniform way, What is the  key available with our IOV to stremline this strictly. If our IOV had such a levarage to do it they could have very well done this long back without expecting any fee from us.

I agree we have to financially strengthen our Institute for its smooth and successful functioning. 

Regards

[proceedure,still we may face with the same problem. By paying a marginal fee to our IOV there is no binding on the banks or clients to pay us revised fee on a uniform way, What is the key available with our IOV to stremline this strictly. If our IOV had such a levarage to do it they could have very well done this long back without expecting any fee from us.]

Dear prashekan ji.

Even after adopting  suggested proceedure,still we may face with the same problem. By paying a marginal fee to our IOV there is no binding on the banks or clients to pay us revised fee on a uniform way, What is the  key available with our IOV to stremline this strictly. If our IOV had such a levarage to do it they could have very well done this long back without expecting any fee from us.

I agree we have to financially strengthen our Institute for its smooth and successful functioning. 

Regards

[I agree we have to financially strengthen our Institute for its smooth and successful functioning.]

Dear prashekan ji.

Even after adopting  suggested proceedure,still we may face with the same problem. By paying a marginal fee to our IOV there is no binding on the banks or clients to pay us revised fee on a uniform way, What is the  key available with our IOV to stremline this strictly. If our IOV had such a levarage to do it they could have very well done this long back without expecting any fee from us.

I agree we have to financially strengthen our Institute for its smooth and successful functioning. 

Regards

[Regards]

Dear prashekan ji.

Even after adopting  suggested proceedure,still we may face with the same problem. By paying a marginal fee to our IOV there is no binding on the banks or clients to pay us revised fee on a uniform way, What is the  key available with our IOV to stremline this strictly. If our IOV had such a levarage to do it they could have very well done this long back without expecting any fee from us.

I agree we have to financially strengthen our Institute for its smooth and successful functioning. 

Regards