Section 34AB; Wealth Tax Rules; Income Tax Act; IBBI; Black Money Act; and WTAT together form the regulatory context within which comprehensive wealth tax valuation assignments are understood, documented and defended.
The historical legislation and valuation rules that established the foundation for the registered valuer and wealth tax valuation framework.
The Wealth Tax Act 1957 established the origin of the Section 34AB registered valuer scheme, covering the eight asset categories and the professional valuation framework.
The Wealth Tax Rules 1957 provided the asset-specific valuation methodologies used across the historical wealth tax framework.
Several provisions of the Income Tax Act connect fair market value, registered valuation and multi-asset disclosure with taxation and compliance.
Section 50C provides for the stamp duty value as the deemed sale consideration where the actual consideration is below the applicable stamp duty value.
Section 50C(2) Registered Valuer DefenceSection 56(2)(x) addresses receipt of property for inadequate consideration and incorporates the registered valuer's role in applicable DCF-based valuation circumstances.
Registered Valuer DCF CertificateSection 50CA addresses the transfer of unquoted shares below their applicable fair market value.
Section 50D forms part of the Income Tax Act provisions relevant to valuation in the context of a slump sale.
Section 23 determines the annual value of house property for income tax purposes and provides a conceptually relevant annual-value framework.
Section 90/90A DTAA provides the treaty framework relevant to international taxation and treaty relief.
Schedule AL provides the mandatory multi-asset disclosure framework for taxpayers with income exceeding Rs 50 lakh.
The IBBI Registered Valuer scheme operates under the Companies Act 2013 Section 247 and provides a contemporary professional valuation framework aligned with prescribed valuation standards.
Companies Act 2013 framework for registered valuation.
The foreign asset framework connects valuation, Schedule FA disclosure and international financial information exchange.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 provides the foreign asset compliance framework, including the Schedule FA disclosure context.
Foreign asset disclosure forms part of the compliance framework for foreign property, financial interests and other applicable foreign assets.
The FATCA India-US Model 1 IGA provides the bilateral financial information reporting framework.
The CRS framework involves information exchange across 100+ jurisdictions.
The comprehensive wealth tax valuation context also incorporates the appellate, professional and international valuation standards relevant to defensible valuation documentation.
The Wealth Tax Appellate Tribunal (WTAT) provides the adjudication framework for pending and new pre-AY 2016-17 wealth tax appeals.
The Indian Valuation Standards (IVS) provide alignment with the IVSC International Valuation Standards.
The RICS Red Book represents an international professional valuation standard relevant to valuation practice.
IFRS 13 and Ind AS 113 provide the fair-value measurement framework relevant to financial reporting.
Wealth tax valuation assignments can involve multiple overlapping legislative, professional, tax and international frameworks.
Discuss your requirement for Schedule AL, retrospective wealth tax valuation, Section 50C, Rule 11UA DCF, foreign asset FMV or comprehensive multi-asset valuation documentation.