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Revised fee structure by CBDT, 30th Jan 2009

 
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pravinpunj



Joined: 10 Feb 2009
Posts: 61

PostPosted: Wed Feb 18, 2009 11:34 am    Post subject: Revised fee structure by CBDT, 30th Jan 2009 Reply with quote

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).

Note.- The principal rules were published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (ii) vide number S.O 3384 (E) dated the 18th October, 1957 and last amended by Wealth-tax (1st Amendment) Rules, 2007 vide number S.O. 1375 (E) dated the 7th August, 2007.




Revised valuers-fee.xls
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Revised fee Tables in excel

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Revised fee by CBDT.pdf
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Notification in official Gazette dt 30th Jan 2009

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pravinpunj



Joined: 10 Feb 2009
Posts: 61

PostPosted: Wed Feb 18, 2009 4:11 pm    Post subject: Revised fee including 12.36% service tax as per CBDT Norms. Reply with quote

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.

 



Last edited by pravinpunj on Wed Feb 18, 2009 4:14 pm; edited 1 time in total
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pravinpunj



Joined: 10 Feb 2009
Posts: 61

PostPosted: Wed Feb 18, 2009 4:13 pm    Post subject: Revised fee excluding service tax as per CBDT Norms. Reply with quote

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.

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anildhope



Joined: 17 Jun 2008
Posts: 496

PostPosted: Mon Mar 09, 2009 6:18 pm    Post subject: Revised fee including 10.30% service tax as per CBDT Norms. Reply with quote

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.

 

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djagan1949



Joined: 07 Jan 2009
Posts: 238

PostPosted: Wed Sep 23, 2009 8:39 am    Post subject: Revised fee including 10.30% service tax as per CBDT Norms Reply with quote

 

Dear Members

 

 

This kind of norms are in existance for a long time may be with different fee structure . But

 

many banks do not respect such professional fee and always fix a meagre fee but expect high

 

standards from valuers. Now this advice by CBDT will find the same fate from such banks . How

 

we are going to get due respect and payments in future is a million dollar question .

 

 

As on date there is a rat race between valuers which is exploited by such banks and a fullstop

 

is to be made for exploiting valuers unminding the norms fixed by Finane Ministry .

 

 

In any Govt dept whether Judiciary or Revenue dept or Civil supplies if we dont pay stamp fee

 

according to norms our application is  simply rejected and does not stand the test of law .

 

Therefore we should legally make our valuation report void if  fees not collected or paid as per

 

CBDT norms . In such cases defaultings banks should be restrained from taking legal action

on valuers .

                                                                                                                                                                                                                                                                                                         djagan1949



Last edited by djagan1949 on Tue Dec 29, 2009 3:42 pm; edited 1 time in total
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suchdevs



Joined: 30 Aug 2008
Posts: 325

PostPosted: Thu Sep 24, 2009 2:29 am    Post subject: Reply with quote

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.

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prashekan



Joined: 01 May 2010
Posts: 1

PostPosted: Sat May 01, 2010 5:17 pm    Post subject: Revised fee including 12.36% service tax as per CBDT Norms Reply with quote

 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

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djagan1949



Joined: 07 Jan 2009
Posts: 238

PostPosted: Sat May 01, 2010 5:53 pm    Post subject: Uniform fee payment by banks Reply with quote

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

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bishnujee



Joined: 04 Nov 2011
Posts: 169

PostPosted: Thu Nov 10, 2011 10:50 am    Post subject: Reply with quote

Dear All Members,

I think the fees quoted for valuation are not fair within India.You people such take up the matter through IOV to resolve this issue.Fortunately for us here in USA we don't have such issue as we bill to our clients in advance and any travel/miscellaneous expenses are borne by the client customer based on estimate provided by us.

Things are different in India and only joint effort from all of you can bring about changes.

Kind regards

 

Eur Ing Bishnujee Singh FIEAust PE CEng(UK)

CPEng (Aust) Int PE (Aust) APEC Engineer

CSci CMath CPhys  FIV Approved Valuer

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snpailoor



Joined: 22 Sep 2009
Posts: 37

PostPosted: Sun Jan 08, 2012 7:13 pm    Post subject: valuation fee. Reply with quote

 Dear sirs, The revise fee structure is avilable here . Our association should take up this issue and we r happy if all financial institutions are ready to pay the scheduled fees as priscribed by the CBDT BOARD. Presently we r getting is half the amount what the chart shows.  thanking u all.snpailoor

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bishnujee



Joined: 04 Nov 2011
Posts: 169

PostPosted: Mon Jan 16, 2012 1:42 am    Post subject: Valuers Fee in India Reply with quote

Dear snpailoor,

That's not fair and people who are in Council of IOV need to respond to your query.Active and constructive effort from IOV Council Members and Leadership would be appreciated.

As I have mentioned previously role of Governing Council Members should not be limited to holding position but providing valuable services to Valuers of IOV should be sole aim.

Response from IOV Council members in this regard will be appreciated.

Kind regards

 

 

EUR ING Bishnujee Singh  ,P.E FIEAust
Fellow Engineers Australia
Fellow Chartered Management Institute FCMI (UK)
Fellow Institution of Valuers
Chartered Professional Engineer (Australia)
Chartered Engineer (EC-UK)
Chartered Mathematician (IMA-UK)
Chartered Scientist (SC-UK)
Chartered Physicist (IOP-UK)
APEC Engineer,Int.P.E (Australia)
Associate Fellow CASI(Canada)
APPROVED VALUER
Fellow RAS(UK),MInstPhys
MSc(UK),BAe,MRAeS(UK),MAeSI(India),
Sr.MAIAA(USA),MAOPA(Pilot)
CAYLEY AEROSPACE INC
CHIEF EXECUTIVE OFFICER
18830,38th Ave W
Lynnwood,WA,98037
USA
Tel:4252330440
Tel:2012527643
Fax:646-219-1010
Fax:702-995-1881
Email:bishnujee.singh@cayleyaerospace.com
http://www.cayleyaerospace.com />

 

 

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