{"id":126991,"date":"2017-04-26T11:38:03","date_gmt":"2017-04-26T06:08:03","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=126991"},"modified":"2017-04-26T11:38:03","modified_gmt":"2017-04-26T06:08:03","slug":"method-of-valuation-of-accreted-income-of-trustinstitution-for-additional-tax-us-115td2-notified","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/26\/method-of-valuation-of-accreted-income-of-trustinstitution-for-additional-tax-us-115td2-notified\/","title":{"rendered":"Method of valuation of accreted income of trust\/institution for additional tax u\/S. 115TD(2), notified"},"content":{"rendered":"

G.S.R.399(E).\u2013<\/strong> In exercise of the powers conferred by Section 295 read with Section 115TD of the Income Tax\u00a0Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the\u00a0Income Tax Rules, 1962, namely:-
\n1. (1) These rules may be called the Income Tax (8th Amendment), Rules, 2017.
\n(2) They shall be deemed to have come into force from the 1st day of June, 2016.
\n2. In the Income-tax Rules, 1962, after rule 17CA, the following rule shall be inserted, namely: –<\/p>\n

\u201c17CB. Method of valuation for the purposes of sub-section (2) of section 115TD.–<\/strong> (1) For the purpose of sub-section\u00a0(2) of section 115TD of the Act, the aggregate fair market value of the total assets of the trust or institution, shall be the\u00a0aggregate of the fair market value of all the assets in the balance sheet as reduced by-<\/p>\n

(i) any amount of income-tax paid as deduction or collection at source or as advance tax payment as reduced\u00a0by the amount of income-tax claimed as refund under the Act, and
\n(ii) any amount shown as asset including the unamortised amount of deferred expenditure which does not\u00a0represent the value of any asset.<\/p>\n

(2) For the purpose of sub-rule (1), the fair market value of the asset shall be determined in the following manner,\u00a0namely:\u2014<\/p>\n

(I) Valuation of shares and securities,\u2014<\/p>\n

(a) the fair market value of quoted share and securities shall be the following:\u2014<\/p>\n

(i) the average of the lowest and highest price of such shares and securities quoted on a recognised stock\u00a0exchange as on the specified date; or
\n(ii) where on the specified date, there is no trading in such shares and securities on a recognised stock\u00a0exchange, the average of the lowest and highest price of such shares and securities on a recognised stock\u00a0exchange on a date immediately preceding the specified date when such shares and securities were traded\u00a0on a recognised stock exchange,<\/p>\n

(b) the fair market value of unquoted equity shares shall be the value, on the specified date as determined in\u00a0accordance with the following formula, namely:\u2014
\nFair market value of unquoted equity shares = (A+B – L) \u00d7 (PV)\/(PE),
\nwhere,
\nA = book value of all the assets in the balance sheet (other than bullion, jewellery, precious stone,\u00a0artistic work, shares, securities, and immovable property) as reduced by-<\/p>\n

(i) any amount of income-tax paid as deduction or collection at source or as advance tax payment as\u00a0reduced by the amount of income-tax claimed as refund under the Act; and<\/p>\n

(ii) any amount shown in the balance sheet as asset including the unamortised amount of deferred\u00a0expenditure which does not represent the value of any asset;<\/p>\n

B=fair market value of bullion, jewellery, precious stone, artistic work, shares, securities and immovable\u00a0property as determined in the manner provided in this rule;
\nL=book value of liabilities shown in the balance sheet, but not including the following amounts, namely:\u2014<\/p>\n

(i) representing contingent liabilities other than arrears of dividends payable in respect of the paid-up\u00a0capital in respect of equity shares;
\n(ii) the amount set apart for payment of dividends on preference shares and equity shares;
\n(iii) reserves and surplus, by whatever name called, even if the resulting figure is negative, other than\u00a0those set apart towards depreciation;
\n(iv) any amount representing provision for taxation, other than amount of income-tax paid as deduction or\u00a0collection at source or as advance tax payment as reduced by the amount of income tax claimed as\u00a0refund under the Act, to the extent of the excess over the tax payable with reference to the book\u00a0profits in accordance with the law applicable thereto;
\n(v) any amount representing provisions made for meeting liabilities, other than ascertained liabilities;
\n(vi) any amount cumulative preference shares;<\/p>\n

PE = total amount of paid up equity share capital as shown in the balance-sheet;
\nPV= the paid up value of such equity share,<\/p>\n

(c) The fair market value of shares and securities other than equity shares shall be estimated to be price it\u00a0would fetch if sold in the open market on the specified date on the basis of the valuation report from a\u00a0merchant banker or an accountant in respect of such valuation.<\/p>\n

(II) The fair market value of an immovable property shall be higher of the following:-<\/p>\n

(a) price that the property shall ordinarily fetch if sold in the open market on the specified date on the basis of\u00a0the valuation report from a registered valuer; and
\n(b) stamp duty value as on the specified date.<\/p>\n

(III) The fair market value of a business undertaking, held by a trust or institution, shall be its net assets determined\u00a0in accordance with the following formula:-<\/p>\n

Fair market value = (A + B-L), which shall be determined in the manner provided in sub-clause (b) of clause (I) of subrule\u00a0(2).<\/p>\n

(IV) The fair market value of any asset, other than those referred to in clauses (I), (II) and (III), shall be the price that
\nthe asset shall ordinarily fetch if sold in the open market on the specified date on the basis of valuation report
\nfrom a registered valuer:
\nProvided that in case no valuer is registered for valuation of such assets, the valuation report shall be obtained\u00a0from a valuer who is a member of any one of the professional valuer bodies viz. Institution of Valuers,\u00a0Institution of Surveyors (Valuation Branch), Institution of Government Approved Valuers, Practicing Valuers\u00a0Association of India, the Indian Institution of Valuers, Centre for Valuation Studies, Research and Training,\u00a0Royal institute of Chartered Surveyors; India Chapter, American Society of Appraisers, USA; Appraisal\u00a0institute, USA or a valuer who is appointed by any public sector bank or public sector undertakings for\u00a0valuation purposes.<\/p>\n

(3) For the purpose of sub-section (2) of section 115 TD of the Act, the total liability of the trust or institution shall be the\u00a0book value of liabilities in the balance sheet on the specified date but not including the following amounts, namely:\u2014<\/p>\n

(i) capital fund or accumulated funds or corpus, by whatever name called;
\n(ii) reserves or surpluses or excess of income over expenditure, by whatever name called;
\n(iii) any amount representing contingent liability;
\n(iv) any amount representing provisions made for meeting liabilities, other than ascertained liabilities;
\n(v) any amount representing provision for taxation, other than amount of tax paid as deduction or collection at\u00a0source or as advance tax payment as reduced by the amount of income-tax claimed as refund under the Act,\u00a0to the extent of the excess over the income-tax payable with reference to the income in accordance with the\u00a0law applicable thereto.<\/p>\n

Explanation.\u2014<\/em> For the purposes of this rule,-<\/p>\n

(a) “accountant” shall mean a fellow of the Institute of Chartered Accountants of India within the meaning of the\u00a0Chartered Accountants Act, 1949 (38 of 1949) who is not appointed by the trust or institution as an auditor;
\n(b) “balance-sheet\u201d in relation to any trust or institution, shall mean the balance-sheet of such trust or institution\u00a0(including the notes annexed thereto and forming part of the accounts) as drawn up on the specified date which\u00a0has been audited by an accountant;
\n(c) \u201cmerchant banker\u201d shall mean a category I merchant banker registered with Securities and Exchange Board of\u00a0India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
\n(d) “quoted share or security” in relation to share or security means a share or security quoted on any recognised\u00a0stock exchange with regularity from time to time, where the quotations of such shares or securities are based on\u00a0current transaction made in the ordinary course of business;
\n(e) “recognised stock exchange” shall have the same meaning as assigned to it in clause (f) of section 2 of the\u00a0Securities Contracts (Regulation) Act, 1956 (42 of 1956);
\n(f) “registered valuer” means a person registered as a valuer under section 34AB of the Wealth-tax Act, 1957 (27 of\u00a01957);
\n(g) “securities” shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts\u00a0(Regulation) Act, 1956 (42 of 1956);
\n(h) \u201cspecified date” means the date referred to in Explanation to section 115TD of the Act;
\n(i) “stamp duty value” means the value adopted or assessed or assessable by any authority of the Central\u00a0Government or a State Government for the purpose of payment of stamp duty in respect of an immovable\u00a0property;
\n(j) \u201cunquoted share and security\u201d in relation to share or security means share or security which is not a quoted share\u00a0or security.\u201d<\/p>\n

[Notification No. 32\/2017 \/F. No. 370142\/21\/2016-TPL]<\/p>\n

Note:-<\/strong> The principal rules were published in the Gazette of India Extraordinary, Part III, section 3, sub-section (i), vide\u00a0notification number S.O. 969(E), dated the, 26th March, 1962 and were last amended vide notification number GSR No.\u00a0331(E) dated the 5th April, 2017.<\/p>\n

MINISTRY OF FINANCE<\/p>\n","protected":false},"excerpt":{"rendered":"

G.S.R.399(E).\u2013 In exercise of the powers conferred by Section 295 read with Section 115TD of the Income Tax\u00a0Act, 1961 (43 of 1961), <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[13081,16442,16501],"class_list":["post-126991","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-rules_regulations","tag-income-tax-act","tag-income-tax-rules","tag-section-115td"],"yoast_head":"\nMethod of valuation of accreted income of trust\/institution for additional tax u\/S. 115TD(2), notified | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Key amendment: In the Income-tax Rules, 1962, the following rule shall be inserted, namely:\u2013 16DD. 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(1) These\u2026","rel":"","context":"In "Foreign Legislation"","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":85621,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/15\/the-income-tax-29th-amendment-rules-2016-notified\/","url_meta":{"origin":126991,"position":4},"title":"The Income Tax (29th Amendment) Rules, 2016, notified","author":"Saba","date":"November 15, 2016","format":false,"excerpt":"S.O. 3399(E).\u2014In exercise of the powers conferred by Section 32, Section 115BA and Section 295 of the Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules further to amend the Income Tax Rules, 1962, namely:- (1) These rules may be called\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":218918,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/01\/central-board-of-direct-taxes-notifies-the-income-tax-fifth-amendment-rules-2019\/","url_meta":{"origin":126991,"position":5},"title":"Central Board of Direct Taxes notifies the Income\u2013tax (Fifth Amendment) Rules, 2019","author":"Bhumika Indulia","date":"September 1, 2019","format":false,"excerpt":"G.S.R. 614(E)\u2014In exercise of the powers conferred by Section 139 A read with Section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:\u2014 Short title and commencement- (1) These Rules may\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/126991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=126991"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/126991\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=126991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=126991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=126991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}