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May 2010

Income-tax (Second Amendment) Rules, 2010 — Notification No. 23/2010, dated 8-4-2010. — Valuation Rules

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
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Part A : Direct Taxes


20 Income-tax (Second Amendment) Rules, 2010 — Notification
No. 23/2010, dated 8-4-2010. — Valuation Rules

Rules 11U and 11UA have been inserted, which provide for
determination of fair market value of the property other than immovable property
for the purpose of valuation u/s.56 of the Act. The said rules shall come into
force from 1st October, 2009. These Rules define the valuation of jewelery,
artistic work, quoted shares and securities as well as unquoted instruments for
the purpose of computation of income u/s.56(vii) of the Act.

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