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 for approval under the rule is made in Form 6C.
Rule 13A deals with the procedure for making a reference to a registered valuer for the purposes of valuation of property under section 132. It provides that the authorised officer may make a reference to one or more of the registered valuers approved under the rule.
The new rules are expected to bring more transparency and fairness in the valuation of property for tax purposes.
Here are some of the key points of the new rules
- The rules provide a procedure for requisitioning the services of a person or entity for the purposes of valuation of property under section 132.
- The rules also provide a procedure for making a reference to a registered valuer for the purposes of valuation of property under section 132.
- The rules specify the documents that need to be submitted along with the application for approval under rule 13.
- The rules also specify the fees that can be charged by a person or entity who is requisitioned or referred to under the rules.
Click here to view/download the official notification released by CBDT
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