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TMI BlogIncome Tax (Fifteenth Amendment) Rules, 2012 - Amendment in Rules 11U and 11UAX X X X Extracts X X X X X X X X Extracts X X X X ..... ules, 1962 , namely:- 1. (1) These rules may be called the Income-tax (15th Amendment) Rules, 2012. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962 , (hereinafter referred to as the said rules), in rule 11U , (A) for clauses (a) and (b), the following clauses shall respectively be substituted, namely:- '(a) "accountant ,- (i) for the purposes of sub-rule (2) of rule 11UA , means a fellow of the Institute of Chartered Accountants of India within the meaning of the Chartered Accountants Act, 1949 (38 of 1949) who is not appointed by the company as an auditor under Section 44AB of the Act or under Section 224 of the Companies Act, 1956 (1 of 1956) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing shall be substituted, namely:- "(b) the fair market value of unquoted equity shares shall be the value, on the valuation date, of such unquoted equity shares as determined in the following manner, namely: the fair market value of unquoted equity shares = (A-L) (PV), (PE) where, A = book value of the assets in the balance-sheet as reduced by any amount of tax paid as deduction or collection at source or as advance tax payment as reduced by the amount of tax claimed as refund under the Income-tax Act and any amount shown in the balance-sheet as asset including the unamortised amount of deferred expenditure which does not represent the value of any asset; L = book value of l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (/) of clause (a) of Explanation to clause (viib) of sub-section (2) of section 56 shall be the value, on the valuation date, of such unquoted equity shares as determined in the following manner under clause (a) or clause (b), at the option of the assessee, namely: (a) the fair market value of unquoted equity shares = (A-L) (PV), (PE) where, A = book value of the assets in the balance-sheet as reduced by any amount of tax paid as deduction or collection at source or as advance tax payment as reduced by the amount of tax claimed as refund under the Income-tax Act and any amount shown in the balance-sheet as asset including the unamortised amount of deferred expenditure which does not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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