Finance : Explore the valuation requirements across different laws in India, including the Companies Act, IBC, SEBI, RBI, and Income Tax Act...
Corporate Law : Delve into the intricacies of valuation in corporate decisions, exploring regulatory demands, multiple valuation reports, and fort...
Income Tax : Explore intricate relationship between income tax and customs valuation. Learn how these realms intersect, challenges they pose, a...
CA, CS, CMA : Explore the significance of actuarial valuations in employee benefits, compliance issues, and opportunities for professionals. Lea...
Income Tax : Check the historical Gold and Silver rates from April 1, 1981, to March 31, 2023. Compare prices and analyze trends over the years...
CA, CS, CMA : Explore the newly released Exposure Draft by ICMAI on Inventory Valuation under the Income Tax Act. Provide your feedback before t...
Corporate Law : Valuation is the most fundamental term in finance but is extremely crucial to understand while deriving the value. Also, several e...
CA, CS, CMA : Valuation is an exercise which is unique for every transaction and requires efforts, involvement, application of mind and thought ...
CA, CS, CMA : Advisory to follow the ICAI Valuation Standards 2018 while conducting any type of Valuation Engagement to ensure uniformity and tr...
CA, CS, CMA : Financial reporting in India has undergone a significant transformation owing to the adoption of Indian Accounting Standards (Ind ...
Excise Duty : CESTAT Kolkata held that demand of excise duty in terms of rule 8 of the Valuation Rules not sustainable as correct higher duty al...
Income Tax : Intelligrape Software Pvt. Ltd. Vs ITO (ITAT Delhi) When the assessee Company had opted for valuation of unquoted equity shares in...
Income Tax : Flutura Business Solutions Pvt. Ltd. Vs ITO (ITAT Bangalore) We are of the view that, the Assessing Officer has erred in consideri...
Custom Duty : Sunland Alloys Vs C.C. (CESTAT Ahmedabad) The issue under consideration is whether the DGOV guidelines are over and above Customs ...
Custom Duty : CESTAT are of the clear view that merely based on DGOV circular also, value cannot be enhanced which is without authority of law. ...
Corporate Law : RV has liberty to adopt the cost approach to estimate the value of plant and machinery assets in accordance with International Val...
Corporate Law : The Companies (Registered Valuers and Valuation) Rules, 2017 (Rules) envisage Registered Valuer Organisations (RVOs) to act as fro...
Income Tax : Amendment in Rule 11U and 11UA omitting reference to the term accountant, thereby permitting only merchant bankers to determine th...
Income Tax : Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution ceases to ex...
Income Tax : Notification No. 2/2010-Income Tax at page 20 of the Gazette Notification, in sixth line of clause (B) of sub-rule 2, for “amoun...
For the sake of convenience, the attached tables summarises the valuation rules for all perquisites prescribed in the new rule 3 except the valuation of perquisites in respect of accommodation, motor car and ESOP which are mentioned separately by us and link for the same is been given below . It may be noted that for most perquisites the valuation rules which were contained in the old Rule 3 (as it applied to those employees who, or to items of perquisites which, were not subject to FBT) have remained unchanged. 1. New Perquisite rules in respect of accommodation / house property provided by employer including accommodation in hotel.2. New rules for valuation of perquisites for use of motor car by staff for personal use – provided by employer.3. Valuation of perquisites in respect of employee stock option (ESOP) for the financial year 2009-2010.
The perquisites value of a motor car provided by an employer both for official and personal use has been enhanced by Rs. 600 to 800 per month depending on the engine capacity of the car. Also, the perquisites valuation for employer-provided chauffeur in such cases has been increased from Rs. 600 per month to Rs. 900 per month.
The much awaited new rules have now been notified by The Central Board of Direct Taxes (CBDT) vide Notification dated 18 December 2009. The amended provisions will be retrospectively effective from 1 April 2009 onwards. The new valuation rules as prescribed by CBDT and the comparative analysis with the earlier perquisite rules (Rule 3) have in respect of accommodation provided by employer including in respect of accommodation in hotels is tabulated as under:
THE much-awaited perquisite valuation rules have finally been notified by the CBDT. The Board has amended Rule 3 to give effect to the abolition of FBT, announced in the Budget 2009. Vide Income Tax (13th) Amendment Rules, the Board has notified the new valuation guidelines w.e.f April 1, 2009 for the AY 2010-11. Although the rules are largely the same old wine in a new bottle but it is strange that the TPL has taken unduly long time to finalise and notify it.
Salaried employees may burn a hole in their pockets with the Government all set to impose tax on all perks –residential accommodation, conveyance and others — paid for by the company, under a new law that replaces the already abolished Fringe Benefit Tax. Perquisites given by the employer such as residential accommodation, conveyance facility and other benefits to the family of the employee could soon be added to their salary for income tax purposes and the Government may come out with a notification soon on the valuation of these perks.
Salaried taxpayers enjoying perks, such as chauffeur-driven cars, will see their tax outgo jumping in the next three months as the government changed the way these perks are valued and lumps their whole year collection to three months. The Central Board of Direct Taxes on Friday notified new rules for valuation of perquisites provided by employers to employees. It comes with retrospective effect from April 1, 2009, after the Fringe Benefit Tax was abolished and perks became taxable in the hands of the employee.
Since these services are provided free by the dealer on behalf of the assessee, the cost towards this is included in the dealer’s margin (or reimbursed to him). This is one of the considerations for sale of the goods (motor vehicles, consumer items etc.) to the dealer and will therefore be governed by Rule 6 of the Valuation Rules on the same grounds as indicated in respect of Advertisement and Publicity charges. That is, in such cases the after sales service charges and PDI charges will be included in the assessable value.
The services availed by a manufacturer for outward transportation of final products from the place of removal should be treated as an input service in terms of Rule 2(1)(ii) of the Cenvat Credit Rules, 2004 and thereby enabling the manufacturer to take credit of the service tax paid on the value of such services.
THE Notification No. 264/2007 dated October 23, 2007 issued by the CBDT, specifying the Income-tax (12 th Amendment) Rules, 2007 seems to have brought in a lot of welcome clarity in terms of the methodology to be adopted for the determination of the Fair Market Value of ESOPs issued by Indian Companies, listed or unlisted. However, the question of levy of FBT, in respect of ESOP schemes given by foreign / overseas companies to employees working in their Indian Subsidiaries, seems to have gone unanswered.
