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TMI BlogIncome Declaration Scheme Rules, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Scheme Rules, 2016. (2) They shall come into force on the 1st day of June, 2016. 2. Definitions. (1) In these rules, unless the context otherwise requires,- (a) Act means the Finance Act, 2016 (28 of 2016); (b) Form means a form appended to these rules; (c) recognised stock exchange shall have the same meaning as assigned to it in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (d) registered valuer means a person registered as a valuer under section 34AB of the Wealth-tax Act, 1957 (27 of 1957); (e) section means a section of the Act. (2) Words and expressions used and not defined in these rules but defined in the Act, or the Income-tax Act, 1961 (43 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the 1st day of June, 2016 when such shares and securities were traded on a recognised stock exchange, where on the 1st day of June, 2016 there is no trading in such shares and securities on a recognised stock exchange; (II) unquoted equity shares shall be the higher of- (i) its cost of acquisition; and (ii) the value, on the 1st day of June, 2016, of such equity shares as determined in the following manner, namely:- the fair market value of unquoted equity shares = (A+B - L) (PV)/ (PE) where, A = book value of all the assets in the balance sheet (other than bullion, jewellery, precious stone, artistic work, shares, securities and immovable property) as reduced by,- (i) any amount of income-tax paid, if any, less the amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny shall be the higher of,- (i) its cost of acquisition; and (ii) the price that the share or security shall ordinarily fetch if sold in the open market on the 1st day of June, 2016, , on the basis of the valuation report obtained by the declarant from a registered valuer; (d) the fair market value of an immovable property shall be higher of- (I) its cost of acquisition; and (II) the price that the property shall ordinarily fetch if sold in the open market on the 1st day of June, 2016 on the basis of the valuation report obtained by the declarant from a registered valuer; (e) value of an interest of a person in a partnership firm or in an association of persons or a limited liability partnership of which he is a member sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Explanation- For the purposes of this rule,- (a) quoted share or security in relation to share or security means a share or security quoted on any recognized stock exchange with regularity from time to time, where the quotations of such shares or securities are based on current transaction made in the ordinary course of business; (b) unquoted share and security in relation to share or security means share or security which is not a quoted share or security; (c) balance sheet in relation to any company means the balance sheet of such company (including the notes annexed thereto and forming part of the accounts) as on 31st day of March, 2016, which has been audited by the auditor of the company appointed under the Companies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the acknowledgement issued by the Principal Commissioner or the Commissioner shall be furnished by the declarant to the such Principal Commissioner or Commissioner in Form 3. (5) The Principal Commissioner or the Commissioner shall grant a certificate in Form-4 to the declarant within fifteen days of the submission of proof of payment of tax, surcharge along with penalty by the declarant under section 187 of the Act in respect of the income so declared. (6) The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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