NEWS RECALL
INCOME TAX DEPARTMENT LIST OF APPROVED VALUERS OF IMMOVABLE PROPERTIES FOR VALUERS REGISTERED UNDER SECTION 34 AB OF WEALTH TAX ACT-1957, CENTRAL BOARD OF DIRECT TAXES
NEW DELHI (NEWS RECALL): The Income Tax department on June 24, 2016, published a country-wide list of registered asset valuers for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month. The exhaustive list, uploaded on the official web portal of the department, includes valuers of immovable property, jewelry, plant and machinery, stocks, shares and debentures, and agricultural land.
The list is uploaded on the Income Tax department’s official website www.incometaxindia.gov.in and the names and addresses provided therein can be used by those who wish to declare their black assets under the ongoing one-time compliance window.
“This exhaustive list that contains the names and addresses of the registered valuers has been published after CBDT had received queries from various quarters about the ambiguity and difficulty in declaring the value of an untaxed or black asset under the window, called the Income Declaration Scheme (IDS), 2016,” a senior official said.
While rules for IDS stipulate that the fair market value of the asset to be declared under the scheme will be as of June 1, 2016, as deemed to be the undisclosed income, its exact valuation procedure was creating doubts among people.
Subsequently, the official said, the Central Board of Direct Taxes had asked all regional offices in the country to send to it the names of all registered valuers and their contacts in their jurisdiction.
“The list is exhaustive and these values are present in various parts of the country. The valuation certificate provided by them will be valid for the declaration of untaxed assets under the IDS. This is an effort to help and provide clarity of action to such declarants,” the official added.
Valuers are registered with the IT department under the Wealth Tax Rules.
The official added that the list will soon be put up at the regional Aaykar Sampark Kendras (ASKs) which are run by the department to facilitate taxpayer services.
A valuation of an asset done by an authorized valuer is accepted as the fair value of an asset by the taxman and with this seal of approval, the declarant is expected to be sure about the market value of the asset furnished under IDS.
The IDS opened this month and will be on to take declarations till September 30.
Under the scheme, income, as declared by the eligible persons, would be taxed at the rate of 45 percent which is 30 percent plus a ‘Krishi Kalyan Cess’ of 25 percent and a penalty at the rate of 25 percent.
These taxes have to be paid by November 30 after the window closes in September. The scheme was announced by the government with an aim to pump out black money from the domestic economy.
Earlier, the government had come out with a similar scheme for Indians holding undisclosed income abroad and a total of Rs 4,147 crore of undisclosed wealth was declared under it.
The IDS will apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to the financial year 2015-16 or earlier.
Declarations under IDS can either be made online on the official e-filing website of the IT department or before various regional Principal Commissioners of IT in the country. Source
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