Revised Valuation fee by CBDT, 30th Jan 2009

[anildhope]

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).

[hitesh]

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.

 

[hitesh]

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.