Quick Summary
CBDT (Central Board of Direct Taxes) notified Rules 13 and 13A of the Income Tax Rules on August 28, 2023, to implement the amendments made to section 132 of the Income Tax Act, 1961 by the Finance Act, 2023. Rule 13 deals with the procedure for requisitioning the services of a person or entity for the purposes of valuation of property under section 132. It provides that the authorised officer may requisition the services of one or more of the persons approved under the rule. The application
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FAQ :
The CBDT has notified new Income Tax Rules 13 and 13A, which align with amendments made to Section 132 of the Income Tax Act, 1961 by the Finance Act, 2023.
The new rules were notified by the CBDT on August 28, 2023.
Rule 13 covers the procedure for requisitioning the services of a person or entity for the valuation of property under Section 132 of the Income Tax Act.
Rule 13A covers the procedure for making a reference to a registered valuer for the valuation of property under Section 132 of the Income Tax Act.
The new rules are intended to bring more transparency and fairness in the valuation of property for tax purposes.
The rules specify the documents for approval applications, the fees that can be charged by requisitioned persons or referred valuers, and the procedures for requisitioning services and making references for property valuation.
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